In a forward leap into digital property transactions, Bank of Queensland (BOQ) announced its trust account integration with PEXA.
What does this mean for BOQ’s trust account holders? It means a more seamless online property transaction experience for practitioners and their clients.
Natalie Scanlon, Principal at Countrywide Legal & Business Services, was the first legal practitioner in the country to use BOQ’s integrated function. Excited about this new efficiency-gain for her firm Natalie said, “We couldn’t wait for Bank of Queensland’s trust account to be integrated with PEXA. We’re delighted it has finally arrived. Our firm has been a fully digital conveyancing firm for two years and the PEXA-BOQ integration saves us a minimum of 15 mins per transaction – a significant time saving in our conveyancing matters”.
Natalie goes on to share that her firm was not only the first firm to use BOQ’s integrated trust account but has used it more than half a dozen times since “it’s much easier than using a source account. Online lodgements and settlements are the norm for Countrywide, we welcomed this next phase of seamless transactions with open arms”.
David Thorley, Manager Partner Enablement at BOQ, thanked the bank’s practitioner clients for their active collaboration and feedback during the integration process with PEXA.
“BOQ prides itself on providing an individual experience for our customers. We worked closely with our practitioner customers and their feedback was instrumental in this digital transition. We believe by integrating with PEXA, our customers will benefit from cost efficiencies, less delays and a seamless online property settlement experience.”
David also commented on the flow on benefits of digital settlements to the end consumer, saying, “The traditional days of having to wait until 4pm for your property to settle are gone and consumers are now able to be advised in real-time of successful settlements”.
The use of a Trust Account in PEXA allows lawyers and conveyancers to contribute funds to settlement on behalf of their client. When operating a BOQ Trust Account on PEXA, practitioners have full visibility of the funds available for settlement, have the ability to verify funds on the day of settlement, provided they are cleared and have the flexibility of being able to provide funds when acting on either side of a settlement, or when acting for a mortgagee.
Practitioners with BOQ trust accounts will no longer be required to set up source accounts with PEXA as an alternative. Bill Hourigan, Queensland Law Society’s Manager of Trust Account Investigations, said “BOQ’s integrated trust account with PEXA enables law practices that maintain trust accounts with BOQ to now participate directly within PEXA.”
Bill also advised BOQ’s trust account holders in Queensland that a law practice that wishes to use the PEXA-BOQ integration must seek approval from QLS and agree to comply with the related guidelines. The QLS approval letter can then be provided to PEXA to begin benefitting from its new seamless integration.
For more information about using trust accounts on PEXA, visit the e-Conveyancing Community.