ING Bank: the first bank outside the four pillars to complete a refinance transaction electronically through PEXA
On 11 February 2015, ING Bank (Australia) ("ING DIRECT") became the first bank outside the four pillars to complete a refinance transaction electronically through PEXA.
The transaction - an outgoing deal with ANZ for a Victorian property - was performed by ING DIRECT'S mortgage processing business through its law firm, Gadens.
Seamless and speedy process
A seamless and speedy process ensured another successful incoming transaction the following day - this time with CBA. The collaboration and support demonstrated by ANZ and CBA played a key role in ING DIRECT’S first transactions.
Through PEXA, law firms can continue to process property transactions on a Financial Institution’s behalf allowing PEXA’s electronic environment benefits to be realised without any significant impact to current business relationships but still while running dual processes (i.e. electronic and paper) for each transaction.
Danny Moore, Partner at Gadens in Victoria said his firm was among the first to join PEXA and harness its potential of bringing its business partners and customers, including ING DIRECT, a better experience. “Gadens was one of the first law firms in Australia to join the PEXA electronic platform, and we have been using the PEXA workspace for in excess of six months. Operating successfully in the PEXA workspace on standalone transactions only required ING DIRECT to become a subscriber (lender) in the PEXA workspace to show that the subscriber representative model works very well. We are very proud to have been involved in the first refinance transaction electronically through PEXA, and will definitely be encouraging other clients to transact via PEXA,” he said.
Adriana Sheedy, ING DIRECT Head of Customer Operations was pleasantly surprised at how fast the PEXA registration process was. “As soon as we signed the Participation Agreement, PEXA provided us with the support to enable us to simply set up the auto forward, enabling refinance invitations to be sent to Gadens, who were then able to process on our behalf,” she said.
As part of the readiness program, PEXA:
-Supported Gadens and ING DIRECT with processes accommodating the new hybrid electronic/manual world
-Developed staff work instructions and a comprehensive go-live strategy
-Worked closely with the major banks in helping ING DIRECT and Gadens complete those first electronic refinance transactions
Client training critical
“Client training is a critical part of becoming ready for PEXA”, said Wayne Jones, PEXA Training Manager. “Both ING DIRECT and Gadens decided that on-site training and webinars best suited their needs.”
ING DIRECT via Gadens continues to perform standalone transactions and refinances through PEXA with four party transfers being arranged for April. Since the first Victorian transactions, ING DIRECT via Gadens has also transacted in New South Wales with Queensland and Western Australia soon to follow.
What the other banks are saying
Sam Pratt, e-Conveyancing Senior Project Manager for NAB welcomed the milestone.
“It took major banks months of planning to commence processing refinance transactions via PEXA, having another leading Financial Institution such as ING Direct in addition to the major four positions all PEXA members well to lift volumes and build on demonstrated benefits to customer experience. The speed at which ING moved from sign-up to being “PEXA ready” was impressive and demonstrates to others FIs that now’s the time to join the platform.” he said.