As a result of the learnings from LMS’s live pilot, which launched in September 2024, LMS's mission is to ensure more organisations, and in turn more customers, can benefit from a slicker and quicker home-buying and selling journey. Therefore, LMS has democratised its well-established network and created an interoperable, secure, and agnostic space.
During the pilot, LMS has gained valuable insights from live data, seeing how people engage and work with the transaction network, and the positive results that followed. This has resulted in LMS opening up their existing network in which the pilot is based, enabling more organisations to get involved. Regardless of organisation size or the platforms they use, any invested stakeholder in the conveyancing journey can access the network.
Ultimately, LMS is not asking organisations to change how they work and who they work with; LMS enables accessibility via an open-loop platform, which is NPTN. LMS believes that sharing data within a trusted ecosystem while enabling truly agnostic access is key to propelling the home-buying and selling industry forward.
Having this level of access to reliable and shareable data means that stakeholders can make decisions early in the process, contributing to a more efficient and, therefore, quicker home-buying and selling journey. For the customer, NPTN provides a single access point that reduces duplication and makes the home-buying and selling journey easier and more efficient. Specifically, since data is authenticated and shared with all stakeholders throughout the process, a customer only has to provide their data once, at the very start of the journey.
Providing universal and trusted access has been a challenge within the industry for some time. Due to a lack of standards, the process of upfront information and data sharing hasn’t worked, mainly because multiple suppliers manage and interact with data in different ways. However, thanks to the Open Property Data Association (OPDA) and Property Data Trust Framework (PDTF), there's been much development in this area. The PDTF is a framework which allows data to be standardised, provenanced and shared across all stakeholders. LMS has been working with the OPDA to implement this framework so that it can learn how to reuse and distribute data in this secure and effective way, and, therefore, act as a trusted third party for conveyancers.
A key feature of NPTN is The Sandbox, a virtual testing environment designed to drive innovation and collaboration. In the tech industry, a sandbox refers to a secure, isolated space where new ideas can be developed and tested without impacting live systems. NPTN's Sandbox is an industry first in the home-buying and selling ecosystem, setting a new benchmark for how innovation is fostered in the sector. It provides startups, innovators, and established players with a unique space to collaborate, experiment, and refine their ideas in a controlled and risk-free environment. By bringing together diverse stakeholders, The Sandbox enables cross-industry partnerships, driving solutions that address real-world challenges in property transactions.
Travis Scholes, Commercial Director at LMS states “The expansion of LMS's ecosystem and its shared learnings is an opportunity for many industry professionals to influence and shape the home-buying and selling journey. So, whether you’re an estate agent, law firm, lender, vendor or part of the broker community, LMS encourages you to reach out and get involved.”
