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PEXA Group Limited (PEXA) has announced it is progressing a strategic partnership with NatWest Group that will see the UK lender utilise PEXA’s digital property exchange technology to deliver 48-hour remortgage transactions to its customers – before extending its use of the PEXA platform to speed up the handling of sale and purchase transactions.

Miguel Sard, Managing Director, Homebuying and Ownership at NatWest, said good progress was already being made with PEXA, having tested PEXA’s payment scheme with the Bank of England, and said the technology would help make the bank simpler and faster for its customers. He said:

“PEXA has already proven in Australia that remortgaging processes that ordinarily take months, can take just a couple of days, or even hours in some cases.

“We are delighted to be partnering with PEXA and will be working with the team closely over the coming months to help us deliver on our strategy by enabling its world-leading digital property exchange platform for the benefit of our customers and the broader UK property ecosystem.”

Joe Pepper, UK CEO of PEXA, added:

“The property settlement process in the UK is highly challenged. Relative to similar markets, transaction fail rates are unacceptably high and the time to complete transactions is overly long.

“We welcome the opportunity to work with NatWest Group and partner with a lender committed to solving these issues with us.”

PEXA (Property Exchange Australia) is a digital property exchange and data insights business, listed on the Australian Stock Exchange. Since 2013, PEXA has facilitated more than 16 million property settlements, and today, 89% of all property transfer settlements in Australia are processed on the PEXA platform. In 2022 PEXA launched its refinancing capability in the UK.