Pexa said it would be adding its sale and purchase capability to its existing remortgage platform and that the launch will support its ability to “deliver on its mission to make all property transactions in the UK safer, more secure and more certain for all”.
The firm will host a series of six regional roadshows across the UK to offer conveyancers, lenders and other stakeholders an introduction to its platform.
The roadshows will start in Leeds on 9 September, before going to Manchester, Birmingham, Cardiff and Exeter, then finishing in London on 23 September.
The roadshows will also feature industry giants in each region to explore issues impacting the housing market, along with potential solutions.
The platform uses a net settlement payment scheme to clear through the Bank of England, allowing the settlement of funds to happen almost simultaneously with the lodgement of title with HM Land Registry.
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Consequently, it removes the need for monies to be transferred through the multiple parties, increases the security of payments and improves the data quality.
Earlier this year, Pexa secured its approval from the Financial Conduct Authority (FCA) to act as an authorised payment institution, allowing it to handle client monies on behalf of lenders and conveyancers.
The firm recently completed its first fully digital purchase transaction and teamed up with NatWest to move towards digital property transactions.
Pexa said that, in conjunction with its remortgage propositions, it can facilitate 70% of all transactions in England and Wales.
Joe Pepper, UK CEO of Pexa, said: “The launch of Pexa’s full proposition marks a historical moment both for the business and the wider UK housing market. We have invested significant time and resource to develop and deploy the trusted digital infrastructure that will support the evolution of property transactions.
“This achievement is a true testament to the team who have worked tirelessly to get to this point. There is no silver bullet solution, and we want our roadshows to serve as a platform for a deeper collaboration with the conveyancing and property industry, but we know the enormous potential of this technology and the positive impact it will have for conveyancers, lenders and their customers. Our launch roadshow provides an exciting opportunity to showcase this.”
He added: “We know cross-industry cooperation is vital as the UK property market aims to create a more reliable, secure and certain transaction process. It is through engagement with the broader industry that we have developed our proposition to help tackle some of the pain points in the transaction journey.
“The FCA approval is external validation of our considered approach and the controls and systems we have put in place, while the completion of the first digital transaction is proof that this is a solution that truly works in practice. We look forward to working closely with our industry stakeholders and customers as we roll it out broadly.”
