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PEXA Pay, the first deferred net settlement scheme launched in the UK in collaboration with the Bank of England since 2008, are beginning to increase transaction volumes for Residential and Buy to Let remortgage business.
As the only payment scheme dedicated to an asset class, property, PEXA wishes to inform fellow PA Members, that redemption teams operating within Banks and Building Societies may not be familiar with PEXA when redemption funds are received.
As your redemption and/or risk teams carry out checks to confirm the legitimacy of funds received, could you please make your teams aware that any money sent from PEXA will have been authorised by the acting Law Firm involved in the transaction.
Further Information of who PEXA are can be found either on the Bank of England website under their Payment and Settlement page -Deferred Net Settlement. (Please cut and paste this link into your browser: https://www.bankofengland.co.uk/payment-and-settlement,) or via PEXA’s own website, (Please cut and paste this link into your browser: https://pexauk.co.uk/company-news/pexas-international-expansion-continues-in-the-uk