Australian fintech PEXA has developed a new payment scheme and partnered with ClearBank to broaden access to its remortgage platform, which is set to launch later this year.  

PEXA’s new remortgage platform aims to streamline the process for all parties involved in the remortgaging process. 

Transactions will commence on the new payment scheme PEXA Pay in September and the Bank of England will act as the settlement agent for the scheme. 

The platform and payments scheme have both been successfully tested with a cohort of seven mortgage lenders.

PEXA has also agreed with the Bank of England to test the payments scheme with another cohort of lenders in October. 

The partnership with ClearBank has been formed to allow for the final disbursement of funds to transaction accounts held with lenders not already integrated with PEXA’s own platform.

As the company continues to build momentum within the UK market and prepares for the launch of its remortgage platform, PEXA UK chief executive James Bawa says: “I’m thrilled to confirm the development of a new payment scheme – which will settle at the Bank of England, and our partnership with ClearBank.”

Bawa comments: “PEXA’s investment into creating an entirely new payments scheme highlights the scale of our commitment to transforming the UK’s remortgage process, and I am thankful for the support of the Bank of England as we have built it. It is critical to unlocking the true potential of our technology, delivering a much faster and more efficient way for settlement to take place, benefitting lenders, conveyancers and consumers alike.”

“ClearBank is a natural partner for us. Its rapid growth since launch reflects its innovative approach and ability to leverage technology to simplify and speed banking processes, while its access to all existing payment schemes made it an excellent fit for our new proposition,” he adds.