Established in June 2023, the OPDA aims to ensure that all entities involved in the mortgage and property sectors can access property information in a consistent, digital, and standardised format. At the time of writing, less than 1% of property information is available digitally, leading to redundant requests by various parties, such as lenders, estate agents, and solicitors according to openbankingexpo.com.
The OPDA has recently introduced its framework for property data standards, offering free and shareable data tools for the industry. As a new member, Nationwide will promote awareness of digital property data, advocate for the adoption of the OPDA’s framework, and integrate these standards into its services and collaborations with industry partners.
Officials from Nationwide stated that the organisation is committed to enhancing the house-buying and homeownership experience. They also emphasised that data standardisation is crucial for improving the process and noted that Nationwide’s extensive mortgage experience and customer insights will contribute to making data more accessible and improving the overall customer experience.
The digitisation and sharing of property data are expected to expedite the home-buying process and mitigate risks such as fraud and failed transactions. Nationwide expressed support for OPDA’s goals, highlighting the importance of accurate and reliable property data for market confidence, while officials from OPDA described Nationwide’s membership as a significant development, noting that the involvement of such a prominent organisation will enhance the visibility of the benefits of Open Data standards in property transactions.
Other developments from Nationwide
In March 2024, Nationwide Building Society reached a preliminary agreement to acquire Virgin Money for GBP 2.9 billion. The acquisition presented Nationwide with an opportunity to venture into business banking, a pursuit that was previously interrupted during the pandemic, as well as to expand its presence in the mortgage market.
Nationwide representatives stated that this transaction would enable it to expedite its strategic objectives and diversify its product and service offerings more swiftly than through organic growth. Under the terms outlined, Nationwide would offer a total of 220p for each Virgin Money share, including a 2p final dividend.