PEXA Pay is the only UK payment scheme dedicated to property settlement. It currently leverages the Bank of England’s RTGS system to settle Residential and Buy to Let remortgage transactions, and will be extended to cover Sale & Purchase transactions in the future.
It is the only Payment scheme dedicated to an asset class; Property and unlocks these conveyancing transaction benefits:
Ability to submit payment instructions securely through PEXA
All funds submitted via PEXA Pay have been approved and authorised by the associated Law firm and Incoming Lender, ensuring PEXA is a trusted source for Outgoing Lenders receiving redemption funds
Clearing of payment funds is instant
Provides transparency; with clear visibility of case progression between lenders and law firms
PEXA Pay directly integrates with the Bank of England, automating manual processes to speed up the settlement process. Settlements take place six times each day via the Bank of England’s RTGS system.