What is PEXA Pay?
Utilising central bank money through the Bank of England’s RTGS system, PEXA Pay is the only UK payment scheme dedicated to property settlement. This foundation gives lenders, law firms, and their clients confidence that funds move safely and securely. It settles residential, remortgage, and sale & purchase transactions, providing greater security for the movement and disbursement of funds while streamlining the settlement process.
Security
Settlement takes place in the Bank of England’s RTGS system, with instructions approved and authorised by both law firms and lenders participating in the workspace.
Confidence
Our robust system ensures funds move safely and on time, reducing fraud risk and providing a more transparent completion process.
Efficiency
Automated settlement can reduce human errors that can occur with the manual processes associated with the movement of funds, also improving the speed and accuracy of fund disbursement.
Certainty
PEXA Pay’s integration, utilising central bank money through the Bank of England’s RTGS system, ensures that settlement can take place six times each business day delivering certainty on completion day.
Compliance
An FCA-regulated payment solution built with Consumer Duty at its core, helping firms and lenders confidently navigate rising regulatory demands.
Why it matters
For conveyancers
- Secure handling of funds, mitigating risks associated with payment interception fraud.
- Reduced administration by removing manual payment handling tasks, freeing capacity to focus on clients
- Improved transparency of fund disbursement providing certainty in completions.
- With a payment system built just for property, completions are less exposed to delays in wider payment networks.
For lenders
- Greater operational efficiency by providing improved visibility of settlement and transaction status
- Removes requirement for early release of lenders funds and return of fund process for delayed or cancelled transaction, improving liquidity
- More predictable, reliable completion experience for customers, supporting Consumer Duty requirements
- A dedicated payment system for property strengthens resilience and helps ensure funds move reliably, without being held up by congestion in wider payment networks.
Proof points
- £200m+ already safely transacted through PEXA Pay in the UK
- FCA regulated as an Authorised Payment Institution
- ISO27001 accredited & FSQS certified
- Trusted by leading UK lenders and law firms
Redemption information
Received a payment via the PEXA Pay system?
The document below will assist with PEXA-enabled redemption payments.