PEXA’s share price could rise on overseas expansion
Digital property platform PEXA could see its share price rise higher if efforts to expand overseas prove successful. The company is about to welcome the first lenders for its UK platform.
The share price of ASX-listed digital property platform PEXA could rise on efforts to expand into overseas markets. PEXA has just inked a deal with Send Payments to improve its cross-border payments options and welcomed the first customers for its UK-based platform.
PEXA enters partnership with Send Payments
According to a report from Business News Australia, PEXA has just entered an agreement with Send Payments to expand its international payments offerings. The move could help to drive the growth of PEXA’s operations abroad by making it easier for customers to transfer funds across borders.
Lisa Dowie, PEXA’s chief customer officer, said the partnership with Send Payments would improve PEXA’s services by solving the pain point of transferring overseas funds.
'Thanks to this new collaboration with Send Payments, a key friction point, the transfer of funds overseas, has been addressed – further enhancing the property buying and selling experience for consumers,' Dowie said.
Under the partnership, vendors on the PEXA platform will have the option of transferring settlement funds abroad using Send Payments. The partnership with Send Payments arrives following the launch earlier in the year of the UK-based PEXA Pay System that was developed in collaboration with tech consultancy Thoughtworks.
PEXA Pay uses the Bank of England as its settlement agent and is partnered with UK fintech company ClearBank. The partnership with ClearBank permits the transfer of funds to the accounts of lenders that are not part of PEXA UK’s exchange platform.
PEXA’s UK platform to welcome first lenders
The development of the PEXA Pay system is part of PEXA’s launch of a digital remortgage platform in the UK. This platform is about to welcome its first lenders, Shawbrook Bank and Hinckley & Rugby Building Society, with the latter scheduled for onboarding in September.
Like its Australian predecessor, the UK platform enables the parties to property transactions to complete their deals digitally. This can improve efficiency and reduce costs by dispensing with the need for physical documentation.
James Bawa CEO of Pexa UK said the UK platform further enhances transaction efficiencies by accessing data from the HM Land Registry (HMLR), letting conveyancers produce redemption statements immediately after receiving offer letters from lenders
‘Whether it’s using APIs directly in or shooting stuff straight to HMLR, rather than sending PDFs off, it’s the automation and the orchestration that reduces it, and expedites it by weeks,’ Bawa said to Mortgage Solutions.
Following the debut of Shawbrook Bank and Hinckley & Rugby, Bawa expects more lenders to sign up in 2023.
‘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,” Bawa said in an official statement.
‘It is so rewarding to see this vision shared by lenders.’
PEXA emerges as leading transaction platform at home
PEXA's ambitions to expand into markets abroad could receive a boost from the track record it has established in its home market of Australia.
The company claims to help over 20,000 families in Australia to settle their homes each week using its digital settlements platform. According to PEXA, the platform provides more rapid access to the proceeds of sales and near real-time tracking on property settlements.
At the time of its IPO in December 2021, PEXA said its platform processed over 80% of total property transactions in Australia. The company also said that it facilitates property settlements on behalf of more than 160 financial institutions and 9,400 practitioner firms.
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