Latest news with #PEXA
AU Financial Review
3 days ago
- Business
- AU Financial Review
Sympli puts up the white flag, proposes working with arch-rival PEXA
Sympli, the ASX-backed property settlement provider that has fought for years to connect with the banks and break a PEXA monopoly on conveyancing services, has conceded that this is unlikely and proposed giving up that business and work with its larger rival instead. PEXA, which was a collection of government-owned agencies before it was privatised in 2019, controls almost the entire property transfer market, worth some $300 million in fees. The now ASX-listed business counts the Commonwealth Bank as its single largest shareholder.
Finextra
6 days ago
- Business
- Finextra
Pexa completes UK's first fully digital property purchase
PEXA, the digital property exchange platform, today announces the completion of the UK's first fully digital Purchase transaction. 0 The transaction took place as part of the testing of PEXA's Sale & Purchase proposition ahead of its full launch and wider market roll out later this year. It marks an important milestone in PEXA's mission to streamline the home buying and selling journey. Hinckley & Rugby Building Society was the first UK lender to complete a mortgage using PEXA, with national law firm Muve acting as the conveyancer within the PEXA workspace for both the purchaser and lender. The transaction leveraged PEXA's proprietary payment scheme, PEXA Pay — the seventh net settlement payment scheme to clear through the Bank of England. The technology enabled the settlement of funds from the incoming lender's account to the seller's conveyancers verified account together with successful lodgement of title with HM Land Registry to complete the transaction promptly and securely giving peace of mind that both lender and purchase are protected. This test transaction did not require the purchaser to introduce additional funds, although following PEXA's recent FCA approval as an Authorised Payment Institution, PEXA can now receive funds directly from the consumer acting as a Third Party Managed Account ('TPMA") provider to conveyancers for property transactions. The news builds on the already significant momentum the business has generated with its remortgage proposition, which had already processed over £100m in transactions by the end of January this year. This successful transaction has set the foundation for the market-wide launch of the Sale & Purchase offering later this year. Commenting on the transaction, Joe Pepper, UK CEO of PEXA, said: 'Our mission has always been to help transform the property market for the benefit of consumers, lenders and conveyancers. Today's completion of the UK's first digital purchase transaction is a landmark achievement in this journey. By leveraging our platform and PEXA Pay scheme, we have demonstrated how technology can simplify and expedite what has traditionally been a complex and time-consuming process. 'This milestone is a testament to the collaborative spirit of the UK property market, particularly forward-thinking organisations like Hinckley & Rugby Building Society and Muve who were also the first industry players to test PEXA's remortgage proposition. They have been early believers in the power of PEXA, and their commitment to innovation has been instrumental in making this breakthrough possible. 'The successful trial transaction is a precursor to the launch of our Sale & Purchase offering later this year. This is just the beginning, and we will continue to invest in the UK market to deliver better outcomes for all stakeholders, making property transactions faster, simpler and more secure.' Laura Sneddon, Head of Safes and Distribution at Hinckley & Rugby Building Society, added: 'We are always eager to embrace innovation and work with partners who share our vision for a more efficient and modernised property market. PEXA's fully digital Sale & Purchase platform represents a significant step forward in streamlining the mortgage and completion process, and we are proud to have been the first UK lender to complete a transaction using this ground breaking technology. "Our team has worked closely with PEXA to test and implement this platform, and today's successful transaction demonstrates the potential for this technology to transform the property market. We look forward to continuing our partnership with PEXA to deliver enhanced services for our customers and to lead the way in digital innovation within the lending industry.' David Jabbari, Founder and CEO of Muve, commented: 'This achievement underscores the transformative potential of PEXA's platform to improve the conveyancing process. "Muve is committed to driving innovation in the legal sector, and this collaboration aligns perfectly with our mission to deliver cutting-edge solutions for our clients. We are proud to have played a key role in this historic transaction and look forward to working with PEXA to bring the benefits of digital conveyancing to more consumers across the UK.'
The Age
19-05-2025
- Politics
- The Age
He detests the party, but Holmes à Court has donated to help rescue a Liberal MP
The fundraiser has collected $124,000 from more than 300 donors, including two donations (anonymous) of $10,000 each. But also, someone has set up a fake GoFundMe page to mock the crowdfunding appeal to raise money to pay the costs, which are on top of the $300,000 in damages Pesutto was also ordered to pay. Pesutto has had to put out a statement decrying the fake fundraising page as he tries to raise the costs cash, which he must pay in a lump sum or face bankruptcy, which would force him out of parliament. 'Why anyone would try and sabotage these efforts defies comprehension … ' he lamented, directing people to the genuine page. Others come forward Also a genuine donor: long-standing pre-teal Frydenberg tormentor Oliver Yates, the former Clean Energy Finance Corporation chief executive who previously tried to unseat the former treasurer in Kooyong before the teal movement got going. He donated $500, he told us, before begging off the phone to attend to his dog, which upon hearing that CBD was calling was immediately violently sick. And Rob Baillieu has genuinely chipped in $500. Baillieu is son of Liberal ex-premier Ted Baillieu, who along with fellow ex-premier Jeff Kennett has been trying (and failing) to get the Liberal Party to stump up cash for Pesutto. Young Baillieu, a councillor for the City of Boroondara, is tipped by local political experts as a potential winning candidate for Pesutto's state seat of Hawthorn, if the MP is forced into bankruptcy and needs to quit parliament. Baillieu would not be standing for the Liberal Party, which he despises, but as a teal independent. He wrote in an Age opinion column that a job interview with a Liberal MP was 'was one of the most homophobic experiences of my life'. 'It'll be up to the community to decide if an independent should run and who that person should be,' he told CBD. 'It's appalling that the Liberal Party has so far chosen to abandon their former leader and put him at risk of bankruptcy. There are no independents in the Victorian parliament and this lack of independent representation is a clear disservice to the community. 'We would be well served by an independent in Hawthorn, as the community is by our federal member, Dr Monique Ryan.' Watch this space. Technical hitch Rough Friday for e-conveyancing platform PEXA, which suffered a technical outage, leaving its mum and dad customers unable to settle on their family home transactions for hours. The company has an effective monopoly on the Australian e-conveyancing space, and Friday's brief outage excited rival platforms like Sympli, which have so far been unable to dent PEXA's market dominance despite spending big and talking up federal and state reform to the sector. Loading A PEXA spokesman was quick to assure us that no Great Australian Dreams were crushed, telling us the exchange 'experienced a technical issue affecting mobile signing capability' that was resolved within three hours. 'We estimate that the disruption impacted less than 10 per cent of settlements during that period, which then went on later to settle or reschedule,' they said. Still, it was enough to trigger whispers that the NSW Liberals would push for a parliamentary inquiry into the glitch. The outage came after a few big changes at PEXA, which just brought in a new chief executive in Russell Cohen from a job with rideshare-cum-delivery platform Grab in Singapore and poached Seven's old chief regulatory and sustainability officer Clare Gill to run corporate affairs. Meanwhile, the broadcaster has just hired former NSW Liberal staffer Kaycie Bradford as communications director, corporate. Her predecessor Robert Sharpe departed some time ago to head up corporate comms at LinkedIn, where he no doubt spends his days fielding complaints that its online games offerings such as Queens and Zip are getting too easy. Despite talk that Seven West Media would move everything in house, rest assured it can still call on the external services of legendary silver-tongued spinner Neil Shoebridge, via Shoebridge Knowles Media Group, which spruiks on its website that it is in the business of 'sparking smarter conversations for exceptional results' and that 'SKMG placed 689 pieces of proactive media coverage for Seven West Media in a single year'.
