News release – 23 September 2021
PEXA is excited to announce that it has received formal approval by the ACT Registrar General to operate as an Electronic Lodgment Network Operator (ELNO) in the ACT.
Today’s announcement follows the passing of legislation by the ACT Government in 2020 to welcome digital settlements into the Territory, bringing Australia’s property industry one step closer to achieving a nationally consistent electronic conveyancing solution.
PEXA’s Group CEO, Glenn King said: “We are delighted to bring the security and efficiencies of a digital property settlement platform to ACT home buyers and sellers, and hope to have the first ‘live’ transaction go through the PEXA Exchange by the end of 2021.
“This is an exciting milestone for the industry, made possible by exceptional collaboration between the ACT Government, the broader property sector and financial institutions.”
Since 2014, more than 8.1 million transactions have occurred via the PEXA Exchange. Today, more than 80% per cent of all property transfer settlements in Australia are processed digitally, with this number to increase following the anticipated adoption within the ACT.
PEXA will continue to work closely with the ACT Government, financial institutions, and legal practitioners through the onboarding process and final testing phases prior to going live with consumer transactions by the end of the year.