NatWest joins blockchain mortgage consortium
Written by Peter Walker
Coadjute, a network for decentralised workflow and data sharing within the property industry, has agreed a project with NatWest and a consortium of property software providers to create a new home buying journey leveraging distributed ledger technology (DLT).
The purpose of the consortium-led project is to speed up and simplify the entire home buying process through a NatWest mobile banking app.
The other software providers involved represent each stage of the home buying process: Dezrez Estate Agency Software, Redbrick Solutions Conveyancing Software, eTech Surveyor Software, Search Acumen Property Data, Conveyancing Data Services Property Data, LMS Panel Management Software.
DLT allows the information required to secure a mortgage to be seamlessly shared between each party on the network. As a result, the whole home buying process should be significantly faster and more efficient. The project will ultimately aim to provide NatWest customers with complete transparency over the entire home buying process via the app.
Coadjute’s technology was previously used in the Instant Property Network trial, involving the test sale of a home using blockchain. The trial, which involved 40 global organisations including RBS and Clifford Chance, showcased how the entire conveyancing process could be reduced to three weeks.
Dan Salmons, director of mortgage innovation at NatWest, said: “The Coadjute consortium has brought all the parties involved together to create a single mobile app, and used DLT 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.”
John Reynolds, chief executive and founder of Coadjute, said: “Even at this stage, we have connected up 12 per cent of the mortgage market, 1,000 estate agency brands, 4,000 conveyancers, and 80 per cent of all property valuation instructions.
“With a pipeline of leading platform providers signed up and ready to onboard, we will have a significant percentage of the property industry on the platform when it goes live.”
The project is working towards launching its minimum viable product in 2020.
Coadjute’s proposition is further backed by the team’s work with HM Land Registry’s Digital Street project, where it won a research and development project to use DLT to explore connecting a central land registry with businesses.
Coadjute’s trial was built on the Corda Network and hosted on Microsoft Azure in what is known as a R3 CorDapp Trial.