Software provider Finova will help shape and contribute work with the Digital Property Market Steering Group, a coalition of government and industry partners, on data, open standards, trust and interoperability, and shareable digital identity.
OPDA is the UK’s independent industry body, funded last June, to promote industry-wide adoption of property data and technology standards.
Open property data will improve ease, accuracy and transaction experience for consumers and property industry professionals.
OPDA has brought out an open data scheme and is working on an industry-wide property data trust framework.
The body has also welcomed the government launch of pilot projects to explore digital solutions to the homebuying and selling process.
Maria Harris, chair of OPDA, commented: “Having accurate and trustable data about property is hugely important to restoring confidence and creating certainty in the market. Finova joining us is hugely exciting as they will make it possible for many intermediaries and lenders to access digital property data through their platforms.
“Finova brings an impressive breadth of expertise from its product and consultancy groups. We are looking forward to Finova supporting our future phases of innovation and adoption based on their growing customer base.”
Rowan Clayton, product director at Finova, said: “Our vision to modernise and open up access to mortgages and lending products is very much aligned with OPDA’s work. We are excited about the prospect of helping OPDA with feedback on the future direction of its strategy.
“The mortgage market has seen unprecedented volatility over the last 18 months, with access to buying property becoming harder for the next generation to achieve. Improving access to property data will remove barriers to property transactions, helping borrowers and lenders alike.”
OPDA recently named Phoebus Software as its latest member. The firm said that it would share its “deep technological understanding of the property processes to help OPDA shape a future where industries adopt an open property data approach”.