Data insights business PEXA Group (ASX:PXA) has announced plans to further its strategic partnership with UK-focused banking organisation, NatWest.
NatWest Group serves over 19 million customers across retail, commercial, and private banking markets.
The company will leverage PEXA’s advanced digital property exchange technology to accelerate the processing of sale and purchase transactions to provide a 48-hour remortgage transaction facility to its customers.
“As one of the UK’s major lenders, NatWest shares a common goal of driving digital innovation and transforming the customer experience to address the chronically long time it takes to transact property in the UK market, with all the associated pitfalls of transaction fall-through and stress.” PEXA UK CEO Joe Pepper said.
“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.”
As of today, PEXA facilitates 89% of all property transfer settlements in Australia, the partnership will further expand its global presence.
NatWest’s Managing Director, Miguel Sard, emphasised the progress already made with PEXA, having tested PEXA’s payment system with the Bank of England.
“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,” NatWest Managing Director Miguel Sard said.
“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.”
PXA are up as much as 11.5% during intraday trades and last traded at $13.58 at 1pm AEST.