PEXA Pay Redemption Information
PEXA Pay is a UK payment scheme dedicated to property settlement. It is a Deferred Net Settlement Scheme which settles payment obligations through the Bank of England’s Real Time Gross Settlement (RTGS) infrastructure. Currently PEXA processes residential and buy to let remortgage transactions but plans to cover Sale & Purchase transactions in the future. You can find details of the PEXA Pay scheme on the Bank of England website under the “Deferred net settlement” section of the link below:
Payment and settlement | Bank of England
Through RTGS, the Bank of England currently provides settlement facilities to participants of the CHAPS payment system, the CREST payment system and seven retail payment systems (Bacs, Image Clearing System (ICS) for cheques, Faster Payments, LINK, Mastercard Europe, Visa Europe, and PEXA).
What does this mean for this transaction?
The payment you receive on redemption will come through the PEXA Pay scheme rather than through the individual client account of the associated Law Firm.
PEXA ensures only appropriately authenticated and authorised individuals from the associated Law Firm and Incoming Lender can access its digital platform / applications and relevant workspaces.
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.
The clearing of funds is instant and can be utilised on receipt.
How can I securely identify the payment into our account?
The information that you will see on receipt to your account will be as follows:
- Issuing Bank: ClearBank
- Issuing Account: PEXA disbursement account
- Reference: Your Mortgage account reference number (as entered by the associated Law firm)
More information
PEXA also directly integrates with His Majesty’s Land Registry (HMLR) to lodge the title application on completion of the transaction, as noted under the “Suppliers with integrated Information Services and electronic Document Registration Service” section of the following link: Software suppliers integrated with Business Gateway – GOV.UK (www.gov.uk)
You can also make direct contact with the PEXA Support Team for further information and clarification at: uksupport@pexa.com.au.
PLEASE CONTACT US IMMEDIATELY IF YOU HAVE ANY QUESTIONS ABOUT ACCEPTING PAYMENT BY THIS METHOD TO PREVENT DELAYS WITH COMPLETION.
