Streamlining transactions in the property market

Challenge

• Residential property transactions in the UK often take five months, with almost one-third not completing.
• The process needs to be faster and easier, with confidentially and security critical considerations.
• The end-to-end process involves many businesses with siloed systems that do not interoperate, meaning no shared source of truth.
• Constant human intervention is needed to chase, share and check information to keep the process on track.

Solution

• The Coadjute Network connects the various systems and applications used across the property market value chain.
• Businesses using different systems can participate seamlessly in the end-to-end process of managing and completing property transactions.
• Any data source on Coadjute’s open network can be used to populate the Digital Property Data Pack, meaning data can be pulled automatically from a potentially infinite number of data sources.

Why Corda?

• Coadjute selected R3’s Corda platform for its unrivalled privacy and confidentiality, unique flow framework to easily automate business processes, and true peer-to peer transactions–where transaction data can only be seen by and validated between the parties involved.

Results

• Projected 50% reduction in the time taken to complete property deals.
• Lower costs and improved operational efficiency for all participants.
• Improved customer experience for buyers and sellers.
• Lower failure rate for transactions, and reduced incidences of fraud.