Melbourne, Australia – 22 April 2021 - PEXA, the world-first Australian digital property exchange platform that has transacted more than $1 trillion in property to date, will partner with global software consultancy, ThoughtWorks, to drive the global expansion of its digital property settlement solution.
The collaboration with ThoughtWorks represents the company’s commitment to using its experience digitising the Australian property settlement process in order to improve the property buying and selling experience in other markets.
Backed by an Australian government initiative to improve the home ownership experience via reduced paperwork, processing times and settlement delays caused by manual errors, PEXA’s digital property settlement platform was developed in consultation with state-based land registries and revenue officers, along with the banking, legal and conveyancing communities, to modernise the property exchange process. Since its launch in 2010, PEXA has revolutionised the AU$7 trillion residential property market with one of the world’s only digital platforms for robust, secure and fast property settlement.
“Australia is the only country in the world to have a fully digitised conveyancing platform, and we’re firmly focused on leveraging the expertise and learnings our people have amassed over our 10-year journey in order to evolve that platform for growth into other key markets – starting with the UK,” said Glenn King, Group Chief Executive Officer, PEXA.
“We have a strong history of building collaborative partnerships with leading technology providers, governments, lenders and the conveyancing sector, and together we are committed to delivering positive outcomes for the UK community and the broader economy,” said Mr King.
PEXA is steadily growing its UK based team, led by UK Chief Executive James Bawa, who is excited to welcome ThoughtWorks into the fold.
“Collaborating with ThoughtWorks as our build partner gives us the confidence that together we can design and build a high performing solution that will deliver homebuyers and sellers in the UK with a faster, transparent and less stressful experience.
“There is a big appetite for change across the UK’s major banks and lenders, and an acknowledgement that technology will support the local conveyancing sector in setting a new standard,” said Mr Bawa.
As it sets its sights on international growth with ThoughtWorks at its side, PEXA will not only rely on ThoughtWorks to build new platforms according to the nuances of individual markets, it will also benefit from ThoughtWorks’ extensive agile capabilities, culture and work practices to help the business embrace new ways of working.
Working with ThoughtWorks also means PEXA will be able to offer value add potential for its international conveyancing community – lenders in particular – with the potential for them to work directly with ThoughtWorks to develop bespoke extensions and elements such as APIs, tighter integration or even branded and customised user experiences.
“PEXA has been recognised and awarded for its innovation and outstanding industry-wide impact, and it goes without saying that we are thrilled to become the exclusive build partner to help this great Australian pioneer's international expansion,” said Kristan Vingrys, Managing Director for ThoughtWorks ANZ.
“As technologists, this is what inspires us most - the opportunity to work with companies committed to developing technology solutions that solve real world issues, and who aren’t afraid to challenge traditional boundaries to deliver fit-for-purpose solutions that drive positive change.”
ThoughtWorks is a software consultancy and community of passionate purpose-led individuals, 8,000+ people strong across 48 offices in 17 countries. Over our 25+ year history, we have helped our clients solve complex business problems where technology is the differentiator. When the only constant is change, we prepare you for the unpredictable.
PEXA (Property Exchange Australia) is Australia’s online property exchange network. It assists members – such as lawyers, conveyancers and financial institutions – to lodge documents with Land Registries and complete financial settlements electronically. PEXA was formed in 2010 to fulfil the Council of Australian Governments’ (COAG) initiative to deliver a single, national e-Conveyancing solution to the Australian property industry. It was originally known as National e-Conveyancing Development Limited. PEXA is committed to supporting the property industry as it transitions towards a 100 per cent digital conveyancing process that’s fast, safe and efficient.
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