NatWest is joining forces with a consortium of software firms to develop a distributed ledger technology-based system that lets customers go through the entire home buying process through their mobile phones.
The UK bank is working with Coadjute, Dezrez, Redbrick Solutions, eTech, Search Acumen, Conveyancing Data Services, and LMS on the project to speed up the process of getting a house through a NatWest companion app.
Each consortium member provides technology related to different parts of the home buying process, with Coadjute connecting their platforms to create a decentralised network. DLT will be used to seamlessly share all of the information required to secure mortgages and finalise offers.
The system, says Coadjute, should make the entire process faster, more efficient and more transparent for buyers, who will manage everything through an app.
Dan Salmons, director, mortgage innovation, NatWest, says: “We are committed to finding innovations that make our customer’ lives easier, and know that the complexity of conveyancing is a key pain point for many.
"The Coadjute consortium has brought all the parties involved together to create a single mobile app, and used distributed ledger technology to make the customer journey safe and seamless. We believe the approach has the potential to be a real game-changer, not just for our customers but for the entire property market.”