The aim is to deliver 48-hour transactions to customers
Fintech provider PEXA Group Limited is enhancing its strategic alliance with major lender NatWest to implement its digital property exchange technology for faster remortgage services in the UK, aiming to complete transactions within 48 hours.
Following the initial phase, the partnership will be extended to include sale and purchase transactions.
Miguel Sard (pictured left), managing director of homebuying and ownership at NatWest, said good progress was already being made with PEXA, having tested its payment scheme with the Bank of England.
“At the heart of our strategy for growth is anticipating and meeting our customers’ needs, using data and technology to ensure we are simple to deal with,” Sard added. “PEXA has already proven in Australia that remortgaging processes that ordinarily take months, can take just a couple of days, or even hours in some cases.
“We are delighted to be partnering with PEXA and will be working with the team closely over the coming months to help us deliver on our strategy by enabling its world-leading digital property exchange platform for the benefit of our customers and the broader UK property ecosystem.”
See LinkedIn post here.
Joe Pepper (pictured right), PEXA’s UK CEO, shared his enthusiasm about the collaboration, underscoring both parties’ commitment to digital innovation and improved customer experiences.
“The property settlement process in the UK is highly challenged,” Pepper said. “Relative to similar markets, transaction fail rates are unacceptably high and the time to complete transactions is overly long.
“We welcome the opportunity to work with NatWest Group and partner with a lender committed to solving these issues with us. We look forward to helping implement our technology to improve the NatWest customer experience.”
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