HSBC UK teams up with OPDA

With the UK’s government roadmap for more efficient access to data when acquiring a home recognising the need for data consolidation, HSBC joined OPDA to digitise property transactions through open data standards. Previously, OPDA requested the government to provide digitised property data at the source, including HMLR, planning permissions, building safety, and local authority searches, and offer clarity to the industry when implementing a completely digital home-buying market. OPDA’s initiative focuses on delivering open property data standards and models for shareable and reliable data with open-source tools. As detailed by the association, by leveraging its data standards for digital property packs, customers can see a time minimisation from mortgage offers and purchases accepted to exchange of contracts within 15 days.

Moreover, HSBC’s move follows Nationwide and Lloyds' decision to forge an agreement with OPDA, with all three financial institutions working towards optimising the mortgage process for UK customers. According to OPDA’s officials, the collective ability to minimise the industry’s attachment to forms-based and siloed approaches is set to positively impact how customers perceive the home buying process. In addition, the partnership underlines the importance of open data standards in making property transactions digital, as well as the allegiance of the industry to remove traditional procedures, where data is stored in a way that makes it difficult to access and interrogate.

Source: Link