Australian fintech PEXA has developed a new payment system and has partnered with ClearBank to expand access to its mortgage 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 remortgage process.
Transactions will begin on the new PEXA Pay payment system in September and the Bank of England will act as the settlement agent for the system.
Both the platform and payment system have been successfully tested with a cohort of seven mortgage lenders.
PEXA has also agreed with the Bank of England to test the payment system with another cohort of lenders in October.
The partnership with ClearBank was formed to enable final disbursement of funds to transaction accounts held with lenders that are not yet integrated with PEXA’s own platform.
As the company continues to gain momentum in the UK market and prepares for the launch of its mortgage platform, PEXA UK Managing Director James Bawa said: “I am delighted to confirm the development of a new payment system – which will move to the Bank of England, and our partnership with ClearBank.
Bawa comments: “PEXA’s investment in creating an entirely new payments system highlights the extent of our commitment to transforming the UK mortgage process, and I am grateful for the Bank’s support. of England while we built it. It is essential to unlock the true potential of our technology, providing a much faster and more efficient way for settlement to take place, to the benefit of lenders, transfer agents and consumers. »
“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 up banking processes, while its access to all existing payment systems made it an excellent fit for our new proposition,” adds he.