Metro Bank plans to collaborate with PEXA to deliver frictionless conveyancing

PEXA, the world leader behind the first digital property exchange process, today announced that Metro Bank plans to work with them to explore how to make the re-mortgaging journey for their customers faster and easier. The goal is to deliver quicker post-offer processes, faster remortgage completion times and greater transparency for Metro Bank’s customers and brokers, all while building greater capacity for the bank.

“This signals a fantastic opportunity for PEXA and Metro Bank to work together to remove the friction in the conveyancing experience for its customers and brokers”, said PEXA Group Managing Director and Chief Executive Officer Glenn King.

Richard Saulet, Chief Commercial Officer at Metro Bank said; “The benefits PEXA can bring to our customers and brokers is clear. Following our successful testing of the PEXA settlement system with the Bank of England, we are excited to collaborate with PEXA on how we can simplify and speed up the remortgage journey”.

The announcement follows a period of significant progress for PEXA in its mission to streamline the property remortgage and completion process. It launched its new payment system in September 2022, resulting in the UK’s first-ever digitally enabled remortgage transaction. Using PEXA’s proprietary technology means parties can orchestrate financial settlement directly from the incoming lender’s account, and seamlessly collaborate to lodge the application for registration with HM Land Registry, streamlining a process that typically takes days into minutes.

PEXA has also collaborated with the Bank of England to develop PEXA Pay – only the seventh net settlement payment system to clear through the Bank of England, and the only one dedicated to property transactions. The Bank of England is acting as the settlement service provider. Metro Bank has already completed its testing of the settlement system.

PEXA acquired Optima Legal in Q4 2022 to accelerate the adoption of its digital platform and its associated benefits for the UK market. Optima Legal provides legal services in the UK’s fee-assisted remortgage market, working directly with eight of the UK’s top eighteen mortgage lenders.

-ENDS-

NOTES TO EDITORS

About PEXA

PEXA is a world-leading, digital property exchange and data insights business, listed on the Australian Stock Exchange. Since 2013, PEXA has facilitated more than 20 million property settlements, and today, 89% of all property transfer settlements in Australia are processed on the PEXA platform. In 2022 PEXA launched its remortgage capability in the UK.

About Metro Bank

Metro Bank services 2.8 million customer accounts and is celebrated for its exceptional customer experience. It is the highest rated high street bank for overall service quality for personal customers and the best bank for service in-store for personal and business customers, in the Competition and Markets Authority’s Service Quality Survey in February 2023. Metro Bank has also been awarded “2023 Best Lender of the Year – UK” in the M&A Today, Global Awards, “Best Mortgage Provider of the Year” in 2022 MoneyAge Mortgage Awards, “Best Business Credit Card” in 2022 Moneynet Personal Finance Awards, “Best Business Credit Card 2022”, Forbes Advisor, “Best Current Account for Overseas Use” by Forbes 2022 and accredited as a top ten Most Loved Workplace 2022. It was “Banking Brand of The Year” at the Moneynet Personal Finance Awards 2021 and received the Gold Award in the Armed Forces Covenant’s Employer Recognition Scheme 2021.

The community bank offers retail, business, commercial and private banking services, and prides itself on giving customers the choice to bank however, whenever and wherever they choose, and supporting the customers and communities it serves. Whether that’s through its network of 76 stores open seven days a week, 362 days a year; on the phone through its UK-based contact centres; or online through its internet banking or award-winning mobile app, the bank offers customers real choice.

Metro Bank Holdings PLC (registered in England and Wales with company number 14387040, registered office: One Southampton Row, London, WC1B 5HA) is the listed entity and holding company of Metro Bank PLC.

Metro Bank PLC (registered in England and Wales with company number 6419578, registered office: One Southampton Row, London, WC1B 5HA) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. ‘Metrobank’ is a registered trademark of Metro Bank PLC. Eligible deposits are protected by the Financial Services Compensation Scheme. For further information about the Scheme refer to the FSCS website www.fscs.org.uk. All Metro Bank products are subject to status and approval.

Metro Bank is an independent UK bank – it is not affiliated with any other bank or organisation (including the METRO newspaper or its publishers) anywhere in the world. Please refer to Metro Bank using the full name.

For more information, please contact:

Charlie Earlam – Associate Director, MHP Group (on behalf of PEXA)

Sebastian Merrett – Account Manager, MHP Group (on behalf of PEXA)

E: Pexa@mhpgroup.com
M: +44 7928 324 266