Banks have a bigger role to play in new mortgage payment optionLaw, S. ORCID: https://orcid.org/0000-0002-5231-2845 and Wu, E. (2022) Banks have a bigger role to play in new mortgage payment option. Banking Today (127). Full text not archived in this repository. It is advisable to refer to the publisher's version if you intend to cite from this work. See Guidance on citing. Abstract/SummaryThe 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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