The Law Society Tasmania
2024 Devonport Conference
19 September 2024
In the spirit of reconciliation PEXA acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community.
We pay our respect to their Elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples today.
What’s on the program today?
Introduction & high-level timelines
Security & PEXA Key
PEXA Navigation
Where can you learn more? DIY PEXA Training exercise Questions
What is Property Exchange Australia (PEXA)
> PEXA is an online settlement platform. It facilitates the lodgement of registry documents and financial settlement online in a simple transaction.
> PEXA is integrated with State Revenue Offices and Land Registries across the country which allows the fluid exchange of data and information.
> PEXA Subscribers are typically, Financial Institutions, Legal Practitioners, Licensed Conveyancers.
Maintaining the number one trusted property exchange platform1 in Australia.
Continued growth in the PEXA Exchange platform
> 10,000+ practitioner firms
> 160+ financial institutions
> 7 Australian jurisdictions – integrated with 7 Land Titles Offices (LTOs), 5 State Revenue Offices (SROs)3 and the Reserve Bank of Australia
> Full range of property exchange transaction services
> $4.1 Trillion in settlement value through the Exchange platform
> 20+ million transactions completed
Delivering positive outcomes for customers
> Number 1 trusted provider in the industry2
> Reliable and resilient platform, with system uptime of 100% in core hours
> Roadmap to expand property transactions in WA
> Ongoing constructive engagement with regulators on regulatory reform
Benefits of PEXA Digitial platform
• Certainty
o Reduce the risk of delayed settlement and access accurate and timely information necessary to support your clients.
• Customer experience & efficiency
o PEXA’s streamlined solution provides you greater efficiencies beyond online property settlements. Eliminate bank cheques and the need for paperwork. You are no longer required to meet in person with all communications between parties completed online.
• Transparent
o Enjoy visibility of all parties’ actions in your shared workspace.
• Reliability, resilience and security
• Easy integration
• Support removal of cheques by 2030
leading Electronic Lodgement Network Operator (ELNO)
PEXA EXCHANGE AUSTRALIA
Tasmania Release 1 - 12th August 2024
❖ Refinances
❖ Discharge of Mortgage and
❖ Mortgage
How is going?
❖ Banks and panels on the platform completing these transactions
❖ Small volumes
❖ Expect all banks and panels will be on the platform ready for Transfers
Tasmania scope will be rolled out across multiple releases
Scheduled
Aug 2024 Production Deployment Re-Fi capability
Feb 2025 – Release 2 Production Deployment for SRO integration, Transfer, Notice of Sale
Planned – subject to ARWG reprioritisation
May 2025
Production Deployment of Caveat / Withdrawal of Caveat, Change of Name
Aug 2025 Production Deployment of Transmission Application / Survivorship
Oct 2025
Production Deployment of Priority Notice / Withdrawal of Priority Notice
Next Steps:
> Oversight Committee ongoing cadence set
> Industry Engagement
> Encouraging all Tasmanian practitioners to register their expression of interest to be kept up-to-date (next slide has details)
> Tasmanian practitioners can start to register for PEXA from Nov 2024
> Training schedule and materials are being prepared & will be released closer to go-live date.
https://help.pexa.com.au/s/article/Pre-Registration-Information
Security
PEXA, our customers and integrated partners all have a role to play in maintaining the security of the e-conveyancing network.
To date, our security standards and protocols have underpinned the successful completion via the PEXA platform of over 20 million property transactions across Australia.
Standard Operating Environment
PEXA’s Standard Operating Environment sets out the requirements for devices to ensure effective and stable access to the PEXA Exchange and provides guidance on:
˃ Minimum system requirements
˃ Supported browsers – accessing the ELN
˃ Digital certificates
˃ Ability to perform multi-factor authentication
For more information visit www.pexa.com.au/soe
© Property Exchange Australia Limited (PEXA) 2023.
How can you help?
˃ Ensure you’re familiar with your obligations in the MPR and PEXA’s Subscriber Security Policy.
˃ Each user must access the PEXA Exchange via their own unique user profile. If they need to sign, they must have their own digital signing certificate.
˃ Ensure you have a strong password in place.
˃ The device(s) you use to access the Exchange must be running supported software.
˃ Ensure you have adequate virus and firewall protection.
˃ Care should be taken when seeking or providing bank account details from/to clients, and details should always be confirmed by a secondary means, or consider using PEXAKey
˃ Be conscious of the risks of email phishing.
˃ More information can be found on PEXA’s Help Centre > Computer Security
©
Cyber Security & PEXA Key
Why did we build PEXA Key?
> In response to cyber fraud and email phishing
> PEXA Key links directly with the PEXA platform to remove the risk of email compromise and external interference.
> Payment re-direction scams cost Australian businesses $227 million in 2021, a 77% increase compared to 2020. Scams reported surged to over $569 million in 2022– ACCC Scamwatch
What is PEXA Key?
> A FREE App your clients download.
> Mitigates the risks between you and your clients.
Benefits of
> Secure channel for sharing bank details with a communication guarantee
> No rekeying to prevent account errors
> All clients can use PEXA Key
PEXA Key Secure Communications
• PEXA guarantees account numbers your client enters into PEXA Key are the same as what you see within the workspace
• We also guarantee the Trust or PEXA Source account details you send from the workspace are what the client receives in the app
• Guaranteed up to $2 million
Workspaces
The Workspace
Transfer scenario – Proprietor on Title (Vendor/Seller)
Maxwell and Margaret Smith have signed a Contract of Sale to sell their property at 271 Ocean View Lane, Lorne VIC 3232 to William and Amanda Wakefield.
Land Title: 90051/950
The title is currently unencumbered and the Wakefield’s are purchasing in cash.
Role:
• Proprietor on Title
• Kakadu Property Law
Transfer scenario – Incoming Proprietor (Purchaser/Buyer)
William and Amanda Wakefield have just purchased the property at 271 Ocean View Lane, Lorne VIC 3232 from Maxwell and Margaret Smith. The title is currently unencumbered and the Wakefield’s are purchasing in cash.
Role:
• Incoming Proprietor
• Whitehaven Conveyancing
PEXA’s Support Centre are also here to take all your inbound support enquires.
They answer your phone calls, resolve your emails and handle any incidents and escalations by liaising with other areas of the business until the issue is solved!
One of our friendly support staff is available to assist you from Monday to Friday, 8.30am – 6.30pm AEST/DT
Please note: the Support Centre is closed on national public holidays and weekends.
Step 1: Locate PEXA Help Centre Help cardshttps://help.pexa.com.au/s/
Step 2: Download Transfer – Proprietor on Title Help card (search in Help Cards tab)
Step 3: Download Transfer – Incoming Proprietor on Title Help card
Step 4: Log into the training platform & complete the two-party transfer exercise on the next slide. https://training.pexalabs.com.au/
Training Environment
- Terms of Use
• Log-in details, passwords and digital certificates for the PEXA Training Environment must not be shared with anyone who is not an Authorised Training Environment User, or attending training facilitated by an Authorised Training Environment User.
• Incorrectly entering the PEXA Training Environment password on four consecutive occasions for a particular user profile will lock all users of that profile out of the PEXA Training Environment for two minutes.
• Workspaces created in the PEXA Training Environment will be visible to all Users. Users of the PEXA Training Environment should not edit any data in Workspaces not created by them.
• Personal details of real clients, or anyone else, should not be used when creating Workspaces in the PEXA Training Environment as these will be visible for all users of the PEXA Training Environment.
• Words or language that may be suggestive, inappropriate or offensive must not be used in Workspaces in the PEXA Training Environment.
• The PEXA Training Environment will ordinarily be available from 7.00am – 12.00am AEST/AEDT Monday through Friday*. All Workspaces remaining in the PEXA Training Environment each evening at 11.59pm AEST/AEDT will be removed
• PEXA maintains a number of Workspaces that are not removed each evening and may be used for demonstration purposes. These Workspaces can be identified by use of the following naming convention as the Subscriber Reference [STATE] 4 PARTY TRANSFER DEMO. Please do not edit, delete or remove any information from these workspaces.
• Please note: LS Attendees will not be able to sign documents or financials in workspaces created in the Training Environment.
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SettlementCompletion
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