PEXA, what is it and is it safe?
As a certified member PEXA we’re experts at conducting your conveyancing transaction using the electronic lodgement network.
Our clients often ask us what is PEXA and is it a secure platform?
PEXA is an acronym for Property Exchange Australia and is a private company owned by Link, Commonwealth Bank and Morgan Stanley. The PEXA platform allows settlement to occur in a digital workspace.
In order to complete financial settlements, PEXA electronically sends instructions to financial institutions involved within the transaction together with other related parties, like the State Revenue Office and Land Victoria.
PEXA is a safe platform for all standard conveyancing transactions in Victoria to be effected electronically and successfully. According to PEXA it ‘has robust fraud protections and strict authentication procedures built into its platform’.
PEXA allows a party to schedule a settlement date much earlier than you otherwise would in the traditional process. Whoever creates the Workspace will propose a settlement date and time, which can be accepted by the other participants once they are invited into the workspace
The PEXA process saves our clients time and money while keeping them informed every step of the way and keeping them updated of every change that has occurred in the workspace. If settlements are delayed they are automatically rolled over to the next available slot, which avoids the headache of a settlement being rescheduled to another day.
PEXA have significant security safeguards in place which ensure that only authorised individuals and companies can access the system. To access PEXA settlements, the individual must have their identity verified by a PEXA agent and are issued with a personalised digital key. PEXA have strict authentication procedures built into its platform which are there to give vendors and purchasers peace of mind, knowing their funds are in a secure and safe platform.
For more details and to discuss your conveyancing needs please call our team on +61 3 9831 5700 or email conveyancing@gricelegal.com.au. You can of course get an instant conveyancing quote from our website HERE.
