PEXA and Mastercard have announced a partnership to test programmable account-to-account payments designed to synchronise property ownership transfers with fund releases.
The collaboration will explore a model where buyer funds are reserved and released automatically once completion conditions are met, aiming to reduce uncertainty in property transactions where data, legal checks and payment flows currently operate separately.
Testing environment
The proposed system will be tested through Mastercard’s A2A Sandbox, a platform where banks and partners can trial programmable payment applications. The partnership combines PEXA’s digital property completion technology with Mastercard’s payment infrastructure, supported by Vocalink, which operates the UK’s account-to-account payments system.
The initiative builds on PEXA’s involvement in the Bank of England Synchronisation Lab, which focuses on aligning lender fund settlement with property title transfers. The development comes as property transaction volumes remain under pressure in the UK market.
Industry response
Helena Forest, executive vice-president of global product and commercial for real time payments at Mastercard, said the collaboration would explore how account-to-account payment innovation could make property transactions more predictable and efficient.
Krystle Kocik, UK co-CEO at PEXA, stated the partnership would examine how synchronised settlement and programmable payments could support consumers, lenders and conveyancers whilst advancing a digitally connected property market.
Keith Douglas, chief executive of Vocalink, noted the partnership aligned with the UK National Payments Vision’s goal to deliver coordinated payment experiences that reduce friction and improve confidence.
Market context
The announcement follows broader efforts to digitise property transactions in the UK, with several firms developing technology solutions for the conveyancing process. The timing of the trial has not been disclosed, though testing is expected to take place within Mastercard’s sandbox environment in the coming months.
