"This signals a fantastic opportunity for PEXA and Metro Bank to work together to remove the friction in the conveyancing experience for its customers and brokers."
- Glenn King, PEXA Group managing director and CEO
Metro Bank has announced a new partnership with PEXA to explore how to make the remortgaging journey faster and easier.
The goal is to deliver quicker post-offer processes, faster remortgage completion times and greater transparency for customers and brokers.
PEXA's mission is to streamline the property remortgage and completion process. It launched its payment system in September 2022, resulting in the UK’s first-ever digitally enabled remortgage transaction. Using PEXA’s proprietary technology means parties can orchestrate financial settlement directly from the incoming lender’s account and seamlessly collaborate to lodge the application for registration with HM Land Registry, streamlining a process that typically takes days into minutes.
In May this year, PEXA and NatWest announced a strategic partnership, initially aiming to deliver 48-hour remortgage transactions for NatWest’s customers. The bank plans to extend its use of the PEXA platform to speed up the handling of sale and purchase transactions in due course.
PEXA Pay, the only UK net settlement payment system dedicated to property transactions, and developed in collaboration with the Bank of England, has now been tested with 11 lenders, with Hinckley and Rugby Building Society and Shawbrook Bank already having been onboarded onto the PEXA platform.
Having initially focused on remortgage, PEXA’s sale and purchase proposition is currently in development and is planned to roll out in 2025. To support its commitment to accelerate the transformation and improvement of the UK home buying and selling process, last week PEXA also launched the Future Property Transactions Group, a new pilot working group to drive collaboration between key property market stakeholders.
Glenn King, PEXA Group managing director and CEO, said: “This signals a fantastic opportunity for PEXA and Metro Bank to work together to remove the friction in the conveyancing experience for its customers and brokers."
Richard Saulet, chief commercial officer at Metro Bank, added: “The benefits PEXA can bring to our customers and brokers is clear. Following our successful testing of the PEXA settlement system with the Bank of England, we are excited to collaborate with PEXA on how we can simplify and speed up the remortgage journey.”
