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Innovation in e-Conveyancing during FY20
PEXA 2019/20 Financial Year in Review
Innovation
A world-first in property, we’re proud to partner with industry, delivering the home buyers and sellers of this country a fast, safe and efficient digital property settlement solution. But the job’s not done yet! Member feedback inspires our innovation at PEXA – here’s an overview of how we’ve worked to enhance your digital experience over the last 12 months, as well as the outcomes you’ve driven within the property sector.
PEXA Exchange
A total of 264 platform enhancements were introduced within the PEXA platform, 88% of which were in response to member feedback and collaboration.
More than 2.4 million transactions, equating to $453 billion in value, were completed safely via the platform.
More than 1.3 million home buyers and sellers benefitted from a safe and more efficient property settlement experience.
During COVID-19, PEXA developed technologies to support the rapid digitisation of lodgements that were previously required to be physically submitted.
PEXA’s technological infrastructure scaled with demand to continue to support the robust delivery of service, ensuring that settlements could still proceed during these unprecedented times.
PEXA Key
A secure app for practitioners and their clients to communicate trust or bank account details, mitigating today’s most prominent cyber threat, email phishing.
Home buyers and sellers, including organisations, can also track their settlements and refer to useful ‘what to expect’ articles and checklists to assist with their settlement.
More than 23,000 Australian home buyers and sellers used PEXA Key while settling their homes.
“Easy and convenient. Less work in terms of settlement.”
PEXA Plus Marketplace
Provides new capability for Victorian and New South Wales practitioners to compare prices and order title searches, with two available providers.
Enhanced the Marketplace user experience with a more seamless flow for ordering title and property searches. The focus has been on building out the integration with one of our providers, Equifax, to enrich the product offering with new property and council certificates for our Victorian members.
“Makes settlements easy and less time consuming.”
Coming soon: Enhanced Settlement Summary
We know that one of the most critical steps in the settlement process is ensuring the Financial Settlement Schedule (FSS) is balanced and correct, ahead of time. This is one of the biggest contributing factors to a successful on-time settlement.
Leading up to settlement, late adjustments, unbalanced figures and last-minute Workspace conversations can all impact your experience – on both sides of the transaction.
This has been identified as a major pain-point for members and an area you’ve wanted to see us innovate and streamline. That’s why in response to your feedback, we have developed an enhanced settlement summary that will provide a more intuitive experience for practitioners and financial institutions.
To help you navigate this change and allow for continued development and feedback of these solutions, we’re introducing the new features in a gradual roll-out over the coming months. Keep an eye out for more information!
“The enhanced Financial Settlement Summary provides an actual and easy summary of the financials, which is clear and concise to read and understand.”
PEXA Tracker, launched December 2019
PEXA Tracker provides transparency to client services teams in high settlement volume organisations, helping them communicate with home buyers, sellers or brokers, with real time, accurate updates on the status of a settlement.
Want to read our full 2019/20 report? Check it out here:
