Following the Bank of England’s investigation and development of Synchronisation earlier this year, LMS, the conveyancing services provider, says it is working to help turn this into a reality for the sector.
Synchronisation sets out to completely transform the fund settlement process in the conveyancing journey. While the current method requires buyers, conveyancers and lenders all completing and pushing numerous payments at different times, the idea behind synchronisation is to digitalise and streamline this process. It is the next step in the move towards complete, end to end digital conveyancing, with synchronisation operators working to release funds and the asset simultaneously when certain conditions are met, removing the need for manual intervention. It drives efficiency and customer centricity, as well as reducing fraud and removing settlement risk by minimising potential access points for scammers and only releasing funds to verified bank accounts.
LMS argues that the next step should see the industry come together to ensure buy-in at every stage of the process.
Already a finalist at the UK Finance Digital Innovation Ideathon 2023, LMS is determined to help the industry embrace this change and has created a community for the sector to facilitate discussions as to how it can navigate this new technology for everyone’s benefit.
As such, it will be delivering workshops every six to eight weeks, ranging from podcasts and webinars to full roundtables and in-person events, to relay its research and insights to the whole industry and help find appropriate solutions that work for all.
To sign up, please click here.