PEXA has announced that it is launching its new full proposition to the UK market next month.

The digital property exchange platform said the launch would add its sale and purchase capability to its existing remortgage platform and will support its ability to deliver on its mission to make all property transactions in the UK safer, more secure and more certain for all.

The technology uses PEXA Pay to enable the settlement of funds to happen almost simultaneously with the lodgement of title with HM Land Registry when certain conditions are met.

As a result, the platform streamlines the process, removing the need for monies to be transferred through multiple parties. The firm said that this increases security of payments with infrastructure designed specifically for this purpose in the UK market, while also reducing reliance on traditional banking systems to minimise delays.

The launch comes after the Homeowner’s Alliance found that 88% of moving day delays are the result of delays in the transfer of funds. PEXA added that the launch of its proposition has "never been more critical".

UK chief executive officer at PEXA, Joe Pepper, said that the launch of its full proposition marks a "historical moment both for the business and the wider UK market".

He concluded: "This achievement is a true testament to the team who have worked tirelessly to get to this point. There is no silver bullet solution, and we want our roadshows to serve as a platform for a deeper collaboration with the conveyancing and property industry; but we know the enormous potential of this technology and the positive impact it will have for conveyancers, lenders and their customers. Our launch roadshow provides an exciting opportunity to showcase this.

"We know cross-industry cooperation is vital as the UK property market aims to create a more reliable, secure and certain transaction process. It is through engagement with the broader industry that we have developed our proposition to help tackle some of the pain points in the transaction journey.

"The FCA approval is external validation of our considered approach and the controls and systems we have put in place, while the completion of the first digital transaction is proof that this is a solution that truly works in practice. We look forward to working closely with our industry stakeholders and customers as we roll it out broadly."

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