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Property Exchange Australia Limited welcomes three new Financial Institutions to PEXA

Property Exchange Australia Limited welcomes three new Financial Institutions to PEXA

PEXA welcomes financial providers to bring critical mass to the e-Conveyancing market

Property Exchange Australia Limited is pleased to announce that Suncorp, bankmecu and Teachers Mutual Bank have all joined Australia’s online property exchange, PEXA.

These Institutions represent the strong progress PEXA is making in creating a truly national network of Registries, Banks and Financial Institutions in readiness for the launch into the practitioner market later this year.

“I’d like to welcome Suncorp and Teachers Mutual Bank along with their strategic partner First Mortgage Services Australia (FMS) and bankmecu to PEXA,” Property Exchange Australia Limited CEO Marcus Price said. “Their inclusion further strengthens our network of participating Banks and Financial Institutions which already includes the four majors”.

Over the next 18 months, PEXA will onboard a substantial number of financial providers to provide critical mass to the e-Conveyancing market. It also means a far greater number of transactions will be able to be completed electronically when the doors open to Australia’s Property Lawyers and Conveyancers later this year.

For the first time, some of the participating Financial Institutions will be accessing PEXA through a Subcontractor. In this instance, Suncorp and Teachers Mutual Bank are using FMS to transact through PEXA.

PEXA and FMS have been working together since October 2012 to ensure that FMS can represent its Financial Institution clients in the PEXA environment. FMS will leverage their existing capability in automated loan processing to integrate with PEXA and achieve significant operational efficiencies for their clients and end consumers.

For Suncorp, this is a genuine opportunity to leverage technology and industry partners across the property conveyance value chain to remove inefficient processes and outdated practices and create transaction certainty for the end consumer.

For Teachers Mutual Bank, PEXA represents the ability to process standalone transactions more quickly, providing direct benefit to the customer:

“We want to continuously add value and provide more convenience for our members and we believe PEXA’s e-Conveyancing will help us achieve that,” said Steve James, CEO of Teachers Mutual Bank.

bankmecu has been using e-Conveyancing via the ECV system in Victoria for some time, and is looking forward to being able to use the technology on a national scale:

“e-Conveyancing has been an integral part of bankmecu’s lending function in Victoria for years and we’re enthusiastic about the convenience that PEXA’s expanded functionality will offer,” said Martyn Norman, bankmecu’s Head of Lending.

"Suncorp, Teachers mtual Bank and bankmecu have all joined PEXA substantially ahead of schedule," Mr. Price says. "It's a really great indicator for not just the appetite for e-Conveyancing but also the capacity of PEXA". 

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