PEXA shares rocket on NatWest partnership
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More news: PEXA Group was the top performer across the ASX 200 during morning trade, after the property settlements company updated investors on its strategic partnership with UK lender NatWest.
PEXA shares were up 11.5% to $13.65 by 11:40am AEST.
PEXA and NatWest to provide 48-hour remortgaging solution
The news: PEXA Group is progressing a strategic partnership with UK lender NatWest that will see it use PEXA's digital property exchange technology to deliver 48-hour remortgage transactions to its customers.
The numbers: About 89% of all property transfer settlements in Australia are processed on the PEXA platform. The ASX-listed business launched its refinancing capability in the UK in 2022.
The context: Melbourne-based PEXA said the partnership will also extend NatWest's use of its digital property settlements platform to speed up the handling of sale and purchase transactions.
The companies said that PEXA's payment scheme had been tested with the Bank of England, and NatWest hoped the technology would help make the bank simpler and faster for its customers.
What they said: PEXA's UK CEO Joe Pepper said: "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".
"The property settlement process in the UK is highly challenged," he said. "Relative to similar markets, transaction fail rates are unacceptably high and the time to complete transactions is overly long."
The source: ASX announcement
