Digital solutions provider, e4 Strategic, has joined the Open Property Data Association (OPDA) to support efforts to streamline the flow of property data between lenders, conveyancers and other stakeholders in the homebuying and remortgaging processes.
e4 Strategic recently launched VERSA – a new digital workflow platform - to the UK market.
Built to address the manual and often fragmented nature of the UK mortgage market from offer to completion, the VERSA platform delivers a 100% digital workflow securely connecting lenders and conveyancers with each other throughout the homebuying and remortgaging processes in real time.
By using VERSA, e4 says lenders can expect greater transparency throughout the homebuying process, more certainty and control regarding their key requirements, direct cost-savings, faster transaction times, and a 'softer touch' way to manage their panels. Conveyancers will benefit from the same improvements, enabling easier communication and faster resolution to lender queries and automated digital workflows.
VERSA has been developed in the UK over the past four years in collaboration with mortgage lenders and conveyancing experts, backed by over two decades of experience delivering similar solutions to South Africa’s largest mortgage lenders and conveyancers.
The OPDA was founded in June 2023 to create and promote open-source data and trust standards across the property and mortgage sectors. By ensuring a consistent approach to digitisation and safe sharing of smart property data, it aims to deliver a more efficient, secure and user-friendly experience for both consumers and professionals.
Since its inception, OPDA members - who include estate agents, conveyancers, mortgage providers, and technology firms - have collaborated to transform homebuying through implementation of standards. The OPDA mission to digitise homebuying aligns with the recent legislation and government announcements on Smart Data and Trust Frameworks.
Simon Slater, CEO of e4 Strategic, commented: “Joining the OPDA fits perfectly with our mission to bring improved digital solutions and infrastructure between offer and completion. Fragmented systems, duplicated data, and poor visibility are still costing the industry time and money, as well as creating real stress and frustration for consumers across the UK.
“The only way we are going to succeed is to work together through open collaboration and with all the core participants and systems talking to one another. The work that the OPDA is doing is vital in this regard, in terms of the sharing of trusted property data.
“From our perspective we are building VERSA to integrate with the wider digital property landscape so the OPDA’s work gives us a clear and workable collaborative path to making that happen. These are exciting times for everyone in the industry.”
Maria Harris (pictured), chair of the OPDA, added: "The industry is crying out for connected and truly integrated digital solutions that are committed to data, trust, and interoperability. Implementing the UK's first open-source data standard proved the ambition and dedication of our members, and our current work streams, including delivery of the Smart Data Challenge prototype, will elevate this to drive further change in the industry. We're delighted that e4 Strategic have joined us to help drive these charges and to show how their platform can enable a better experience."
