GlobalX Legal Solutions, InfoTrack, SAI Global Property and Veda integrate PEXA
Australian Property Lawyers and Conveyancers will soon be invited to register for PEXA; the world’s first online lodgement and financial settlement system.
For Property Lawyers and Conveyancers, there are two ways you can access PEXA - either directly with PEXA or through one of our four Sponsors being GlobalX Legal Solutions, InfoTrack, SAI Global Property and Veda.
These Sponsors will integrate PEXA into their existing information search and/or case management software offering the market an end-to-end conveyancing solution.
Feedback from the market has indicated you would like more information about the role of the Sponsor within PEXA. Below, we answer some of the most frequently asked questions here:
1. If I access PEXA through a Sponsor, do I still need to complete the PEXA On-boarding process?
Yes. You will not simply be given access to PEXA as a result of using a Sponsor platform.
Any party that wants to take advantage of PEXA’s online lodgement and financial settlement capability needs to complete the regulated PEXA on-boarding process which includes signing a Participation Agreement directly with PEXA (see www.arnecc.gov.au for further information).
While a Sponsor can guide you through the process, it is only PEXA that can register you as a PEXA Subscriber according to law.
This is stipulated by the e-Conveyancing regulator, ARNECC, and ensures the integrity of the system by guaranteeing all PEXA Subscribers have been through the same stringent process in establishing identification and credentials before being allowed to transact online.
2. I currently use software provided by one of the PEXA Sponsors. Can I book electronic settlement through my Sponsor platform?
Electronic settlements can only be booked through PEXA.
When accessing PEXA through a Sponsor, you will be routed to the relevant screen in PEXA when it comes time to book your electronic settlement. This functionality becomes available upon completion of Sponsor integration with PEXA during the first half of 2015.
3. Can I settle online without PEXA?
No. PEXA is the only system providing online lodgement and financial settlement capabilities. PEXA has contracts with each State Government as well as all four major banks and a number of smaller financial institutions to provide this service to the market.
PEXA is the only authorised Electronic Lodgement Network Operator (ELNO) in the country.
4. Can I only access PEXA through a Sponsor?
There are two ways a Property Lawyer or Conveyancer can choose to access PEXA:
Through a Sponsor platform
You can still elect to access PEXA directly even if you use a Sponsor platform for other parts of your business.
5. When can I sign up for PEXA?
The PEXA release schedule is available here.
The Sponsors are aiming to have completed their integration work with PEXA in the first half of 2015. For practitioners in New South Wales and Victoria who join PEXA in advance of the Sponsor integration, you will be able to nominate a Sponsor during the on-boarding process and will access PEXA through that Sponsor when the functionality becomes available. In the interim, you will be able to take advantage of PEXA’s online lodgement and financial settlement capabilities directly.
6. Where can I find more information about each of the Sponsors?
Each PEXA Sponsor has created its own e-Conveyancing information hub. Simply click on the links below to learn more about how the Sponsors plan on integrating PEXA into their existing offerings:
GlobalX Legal Solutions
SAI Global Property
For more information,
Register to attend a PEXA Information event or webinar here,
Visit www.pexa.com.au or