Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property Industry Eye. Read the original article for full details.
PEXA and Mastercard Launch Synchronised Property Payment Trial
PEXA and Mastercard have announced a new partnership to explore how property ownership transfers and payments can be more closely synchronised. The initiative aims to reduce uncertainty around completion in property transactions.
The collaboration will investigate the use of programmable account-to-account (A2A) payments. Under the proposed model, buyer funds could be securely reserved and automatically released once agreed completion conditions are met. This approach is intended to address issues that arise when property data, legal checks, and payment flows do not align between the various parties involved in a transaction.
The model is expected to be tested through Mastercard’s A2A Sandbox, an environment where banks and other partners can explore programmable payment applications. The partnership combines PEXA’s digital property completion technology with Mastercard’s payment capabilities and is supported by Vocalink, the Mastercard-owned company that operates the UK’s A2A payments infrastructure.
This work builds on PEXA’s participation in the Bank of England Synchronisation Lab, which focuses on synchronising the settlement of lender funds with the transfer of property title.
For UK letting agents and inventory clerks, the development of more predictable and efficient property payment processes could help streamline transactions and reduce completion-related uncertainties.
Source: Property Industry Eye