Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Pexa and Mastercard Partner to Trial Completion Day Payment Innovation

Pexa and Mastercard have announced a new partnership to test account-to-account (A2A) payment technology designed to support completion day processes in UK property transactions. The collaboration will use programmable A2A payments to securely reserve buyer funds and release them automatically once agreed completion conditions are met.

Pexa highlighted the complexities involved in completion day, noting that delays can occur when property data, legal checks, and payment flows do not align across multiple parties. The company referenced significant economic loss resulting from completion fall-throughs, which was estimated at £900 million last year.

Speeding up housing completions has been a focus for NatWest, which partnered with Pexa earlier this year. According to data from HMRC, there was a 53% year-on-year increase in housing completions this April.

The partnership between Pexa and Mastercard will explore how synchronised settlement and programmable payments could support consumers, lenders, and conveyancers. The aim is to advance a digitally connected property market where trusted data, digital completion, and next-generation payment capabilities work together.

This development is relevant for UK letting agents and inventory clerks, as improvements in completion day processes could help reduce delays and uncertainty in property transactions.