The aim of the collaboration is to improve the speed of post-offer processes, remortgage completion times and greater transparency for the bank’s customers and brokers.

This follows Pexa’s new payment system launch in September 2022 which enabled the first digital remortgage transaction.

Pexa has also collaborated with the Bank of England to develop Pexa Pay. The BoE is acting as the settlement service provider.

Metro Bank has completed its testing of the settlement system.

Metro Bank chief commercial officer Richard Saulet says: “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.”

Pexa Group managing director and chief executive officer Glenn King adds: “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.”