Banks have a bigger role to play in new mortgage payment option

Author(s)
Date Issued
2022
Journal
Citation
Banking Today, 2022, (127), pp. 34-39.
URI
Type
Peer Reviewed Journal Article
Abstract
The pilot-launch of Payment Arrangements for Property Transactions (PAPT) scheme means that banks will be able to play a more active role in effecting mortgage fund transfers to relevant institutions and parties, which previously were the responsibility of a solicitor. With authorised banks now able to electronically pay the mortgage loan secured by a homebuyer directly into the bank account of the seller, PAPT is designed to facilitate the development of digital finance while strengthening the protection of mortgage customers.
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