PEXA has confirmed that both Hinckley & Rugby Building Society and Shawbrook Bank will be the first lenders to commence transacting remortgage cases via its platform.
This follows the successful testing of its PEXA Pay system earlier this year.
Hinckley & Rugby Building Society and Shawbrook Bank are among the first to announce their partnership with PEXA, with further lenders due to be announced and onboarded throughout 2023.
PEXA says in the coming months it will onboard both lenders, beginning with Hinckley & Rugby Building Society in September, enabling a digitised remortgaging process for UK consumers.
PEXA has already facilitated over 11m property transactions worth circa AUD $2 trillion in Australia (£1.1tn) and its solution will start in the UK with an initial focus on digital remortgages this Northern Autumn.
PEXA expects to bring on further lenders, working closely to align available landing slots within the Bank of England’s Real-Time Gross Settlement upgrade.
The latest announcement follows the successful launch of PEXA Pay developed in collaboration with ThoughtWorks, and the Bank of England acting as the settlement agent.
PEXA has also recently announced its partnership with ClearBank to allow for the final disbursement of funds to transaction accounts held with lenders not already integrated with the fintech’s own platform.
PEXA UK chief executive James Bawa says: “Since launching in the UK earlier this year, we have been clear in our aim to help improve the remortgage and property completion process through technology and better industry collaboration. It is so rewarding to see this vision shared by lenders.”
“Hinckley & Rugby Building Society has a strong track record of supporting new technology entrants into the UK market and will be our first reference site. They have given early and consistent support, working closely with us to bring PEXA to the market and will be undertaking our first transaction in the UK.”
“Shawbrook, the first bank we have collaborated with in the UK, has shared its deep expertise in specialist mortgage markets including professional buy-to-let. Shawbrook’s approach to leveraging technology for the betterment of its customers is highly aligned with our own.”
