Pexa, the property exchange platform, is launching its full proposition to the UK market in September.
The company is adding its sale & purchase capability to its existing remortgage platform.
To officially launch and showcase its platform, PEXA is hosting a series of six regional roadshows across the UK to give conveyancers, lenders and other market stakeholders an early view of the PEXA platform.
Starting in Leeds on 9 September, and visiting Manchester, Birmingham, Cardiff and Exeter before finishing in London on the 23 Septenber, Pexa is also using these events to bring together senior industry figures in each region to explore the themes currently impacting the housing market and how the offering can address them, with a series of panel discussions featuring experts from across the sector.
The technology uses Pexa Pay, the seventh net settlement payment scheme to clear through the Bank of England, to enable the settlement of funds to happen almost simultaneously with the lodgement of title with HM Land Registry when certain conditions are met.
The formal launch follows Pexa securing approval from the Financial Conduct Authority (FCA) in April, enabling it to act as an Authorised Payment Institution (API).
This means Pexa is authorised to act as a Third Party Managed Account (TPMA) provider and is able to handle client monies on behalf of lenders and conveyancers.
Prior to launch, Pexa had been working with a group of early adopter conveyancing firms to onboard them onto the platform, with a view to trialling the new technology.
In conjunction with its remortgage proposition, Pexa can now facilitate 70% of all transactions in England and Wales.
Commenting, Pexa’s UK chief executive Joe Pepper said: “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.”