What are PEXA's plans in the UK?

David Opie, host of the Today’s Conveyancer Podcast, welcomes back PEXA UK for a timely update. Since first joining the podcast nearly two years ago much has changed both for PEXA and in the property market. Joining him is Angela Hesketh, PEXA's Head of Market Development, who shares insights into PEXA’s journey since arriving on UK shores some five years ago. The conversation revisits PEXA’s Australian origins, where it handles 92% of property transactions. Angela clarifies that while the UK system shares similarities, PEXA UK has built its infrastructure from scratch to suit local needs.A payments scheme operating from within the Bank of England, PEXA started out in remortgage, recently surpassing £200m in processed payments. With the property market undergoing significant digitisation PEXA anticipate its recently launched sale and purchase proposition will play it part in supporting the transformation of the sector. There are lots of questions to answeris this another example of a network needing all participants engaged to benefit?what happens to client account and interest?where does PEXA fit with other industry initiatives like the Property Data Trust Framework; the and technology solutions already launched from Zoopla and LMS?how much does the digitisation of HM Land Registry drive (or hold back) solutions like PEXA?and much more. Angela highlights the importance of building the “plumbing” first which for PEXA includes FCA approval for its third party managed accounts (TPMA) solution. PEXA Pay, a key innovation, enables direct movement of lender funds without routing through client accounts. Angela explains how this reduces risk and improves transparency, especially as the UK explores alternatives to traditional client account models.The discussion covers innovation, digitisation, technology and the future of conveyancing as Angela shares her experience both in her role at PEXA and as a former conveyancer herself.The Today's Conveyancer podcast can be found on your preferred podcast provider and also at www.todaysconveyancer.co.uk. Subscribe and listen in for all the latest conveyancing industry news and views. Thank you to our podcast sponsors LEAP Legal Software and InfoTrack