LMS noted that synchronisation would transform the fund settlement process in the conveyancing journey, digitalising and streamlining the process.
The current method means buyers, conveyancers and lenders complete and push numerous payments at different times.
LMS said: “It is the natural next step as we work towards complete, end-to-end digital conveyancing, with synchronisation operators working to release funds and the asset simultaneously when certain conditions are met, removing the need for manual intervention.
“It drives efficiency and customer centricity, as well as reducing fraud and removing settlement risk by minimising potential access points for scammers and only releasing funds to verified bank accounts.”
However, the company said that as this was a completely new process for every stakeholder and was not ready for implementation.
Therefore, for synchronisation to be effective the “best thing the industry can do is come together to ensure buy-in at every stage of the process”.
LMS will be delivering workshops every six to eight weeks, ranging from podcasts and webinars to fill roundtables and in-person events to convey research and insights to the whole industry and help find appropriate solutions.
To join please follow the link: https://r1.dotdigital-pages.com/p/2WSG-GTE/bring-the-industry-together-and-streamline-synchronisation