"No one has all the answers yet when it comes to delivery, and the best thing the industry can do is come together to ensure buy-in at every stage of the process."
Following the Bank of England’s investigation and development of synchronisation earlier this year, conveyancing services provider LMS has launched a new taskforce to help turn this into a reality for the sector.
Synchronisation aims 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.
LMS says it is the "natural next step as we work 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. Synchronisation would drive 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.
However, this is a completely new process for every stakeholder and is not yet ready for implementation.
LMS commented: "No one has all the answers yet when it comes to delivery, and the best thing the industry can do is come together to ensure buy-in at every stage of the process. For it to work, we need true collaboration between all parties. 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."
LMS 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 industry and help find appropriate solutions.
