It digitises manual processes involved in property transactions
Digital property exchange platform PEXA has launched a new API Hub to streamline the conveyancing process in the UK.
The hub hosts all of the company’s APIs specifically designed for the UK market, allowing lenders and law firms to access them in one place.
PEXA considers the launch a key development, with APIs playing a crucial role in delivering 48-hour remortgages. The firm aims to extend its offering to sale and purchase transactions by early 2025.
The platform digitises many manual processes involved in property transactions, enabling direct data flow between lender or law firm systems and PEXA. Organisations can adopt the APIs iteratively, depending on their budget, risk policies, and strategic priorities. This allows lenders and law firms to automate aspects of the case journey as needed, saving time and resources, reducing fraud and operational costs, and improving the efficiency of the conveyancing process.
Through the APIs, remortgages can be managed end-to-end within 48 hours, automating all key activities without manual intervention. Customers will also benefit from enhanced case tracking capabilities, with real-time updates provided via API as milestones are reached on the platform.
PEXA’s UK API Hub is available to all without the need for login credentials, and its team is available to provide design and test support.
“We recognise that to bring about change in the mortgage process, it needs to be as simple and easy as possible for lenders and law firms to embrace automation,” said Joe Pepper (pictured), UK chief executive of PEXA. “Doing that means making any tech integrations with existing infrastructure as seamless as possible, and that is exactly why we have invested heavily in this new API Hub.
“Our work to support lenders and conveyancers alike is driving progress in the market, and we are delighted to be offering an updated suite of tools ready for immediate use that can meet the diverse needs of our partners and customers.”
The launch of the API Hub follows the introduction of PEXA Pay, a new payment system that enabled the UK’s first digitally-enabled remortgage transaction in September 2022. It established its UK headquarters in Leeds after acquiring conveyancing firm Optima Legal in December 2022. With Shawbrook Bank and Hinckley & Rugby Building Society already onboarded, PEXA recently announced a strategic partnership with NatWest, which will use its digital property exchange technology to deliver 48-hour remortgage transactions.
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