PEXA Pay
Providing protection to buyers and sellers during one of life’s biggest transactions
PEXA Pay is the UK’s 7th net settlement payment scheme to clear through the Bank of England. Launched in 2022, the secure scheme orchestrates Sale & Purchase and Remortgaging monies that are related to Residential and Buy to Let transactions.
What is PEXA Pay?
PEXA Pay is the UK’s 7th net settlement payment scheme to clear through the Bank of England. Launched in 2022, the secure scheme orchestrates Sale & Purchase and Remortgaging monies that are related to Residential and Buy to Let transactions.
It is the only Payment scheme dedicated to an asset class; Property and unlocks these conveyancing transaction benefits:
Secure
Ability to submit payment instructions securely through PEXA
PEXA keeps your funds safe
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
Instant
Clearing of payment funds is instant
Transparent
Provides transparency; with clear visibility of case progression between lenders and law firms
Seamless and secure
PEXA Pay directly integrates with the Bank of England, automating manual processes to speed up the settlement process. Settlements takes place six times each day via the Bank of England’s RTGS system.
