A joint venture between PEXA, Hinckley & Rugby Building Society and conveyancing firm Muve has enabled the digital exchange firm to carry out what it claims is the UK’s first-ever all-digital property transaction.
The transaction was made using PEXA’s proprietary payment scheme, PEXA Pay — the seventh net settlement payment scheme to clear through the Bank of England.
The company says its technology enabled the settlement of funds from the incoming lender’s account to the seller’s conveyancers’ verified account, together with successful lodgement of title with HM Land Registry to complete the transaction promptly and securely.
The test transaction did not require the purchaser to introduce additional funds, although following PEXA’s recent FCA approval as an Authorised Payment Institution, the company can now receive funds directly from the consumer acting as a Third Party Managed Account (“TPMA”) provider to conveyancers for property transactions.
Transformative
Pexa boss Joe Pepper (main image) says: ”Our mission has always been to help transform the property market for the benefit of consumers, lenders and conveyancers. Today’s completion of the UK’s first digital purchase transaction is a landmark achievement in this journey.
“By leveraging our platform and PEXA Pay scheme, we have demonstrated how technology can simplify and expedite what has traditionally been a complex and time-consuming process.
This milestone is a testament to the collaborative spirit of the UK property market.”
“This milestone is a testament to the collaborative spirit of the UK property market, particularly forward-thinking organisations like Hinckley & Rugby Building Society and Muve, who were also the first industry players to test PEXA’s remortgage proposition.
“The successful trial transaction is a precursor to the launch of our Sale & Purchase offering later this year. This is just the beginning, and we will continue to invest in the UK market to deliver better outcomes for all stakeholders, making property transactions faster, simpler and more secure.”
Laura Sneddon, Head of Safes and Distribution at Hinckley & Rugby Building Society, added: “Today’s successful transaction demonstrates the potential for this technology to transform the property market. We look forward to continuing our partnership with PEXA to deliver enhanced services for our customers and to lead the way in digital innovation within the lending industry.”
And David Jabbari, Founder and CEO of Muve, commented: “This achievement underscores the transformative potential of PEXA’s platform to improve the conveyancing process.”