PEXA is proud to announce the launch of secure app, PEXA Key for communicating bank account details.
Property Exchange Australia (PEXA) is proud to announce the launch of its new app, PEXA Key, for property settlements in VIC, NSW and SA, which provides a secure communication channel for bank account details to be shared between practitioners and their clients, guaranteed.
The release of this app stands to support practitioners by offering a safe alternative to insecure communication methods such as email, where bank account details can be intercepted, and payments subsequently redirected.
“Security is paramount to our members and to us,” PEXA CEO Marcus Price said. “It would be remiss of us to not try and help solve an issue which is becoming more and more prevalent in our industry. To be able to offer this technology to property lawyers, conveyancers and their customers and deliver a much safer means of exchanging bank account details is something we’re incredibly proud of”.
Last year, Australian businesses lost over $60 million to email scams alone, with this number having tripled each year since 2017. Property is Australia’s largest asset class at over $7 trillion, and understandably, the network has identified cyber-crime as a key focus-point within the industry. Sally Nguyen, Principal of B.O.S.S Conveyancing was involved in the product’s pilot and sees PEXA Key as a solution to this threat:
“The risks associated with manually collecting and entering bank account details for settlement are just too high. The industry has been calling for a solution like PEXA Key for some time and we feel that this application is going to go a long way in protecting homebuyers, sellers and businesses alike,” said Sally.
Arni Hardason, Technical Director at PS+C Security, views PEXA Key as an innovative and secure solution to communicate bank details:
“PS+C is proud to have been involved in the audit process of PEXA Key and found the application to surpass industry standards, acting as a secure method for communicating bank account details. In our experience with PEXA, it is clear it considers security its number one priority, placing critical importance on protecting consumers and their most valuable assets. PEXA members can be confident that this application is a robust and secure alternative to email,” said Arni.
When sellers input their bank account details in PEXA Key, the app communicates this information into their practitioner’s PEXA Workspace, removing the need to engage insecure communication channels and re-key bank account details. This solution also enables the buyer’s practitioner to securely communicate their trust account details to help ensure the safe transfer of deposit and settlement funds.
In addition to PEXA Key’s security purposes, the app offers educational material on what to expect when buying and selling property and high-level settlement tracking. Many Australians already track their online purchases and parcel deliveries, so providing this capability in the property space is certainly in line with today’s consumer expectations.
“PEXA Key has truly changed the game for our firm, we feel reassured knowing there is now a solution out there that not only elevates our security posture but also provides an enhanced client experience. The ability for clients to track their settlement and see important dates really makes them feel like they are receiving a unique experience and are a part of the journey. It is evident that PEXA takes security seriously for its members and our clients and we look forward to seeing the industry embrace this technology,” said Sally.
Through PEXA Key, practitioners can have peace of mind in the knowledge they are protecting both their business and their clients whilst providing a 21st century experience.
For more information on this market-leading technology, click here.
 June 2019, Core Logic Economic Report