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.
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 Vendor and Purchasers peace of mind, knowing their funds are in a secure and safe 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
PEXA is a safe platform for all standard conveyancing transactions in NSW to be effected electronically and successfully. According to PEXA it “has robust fraud protections and strict authentication procedures built into its platform”. The PEXA process saves the client 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.
For more details and your conveyancing needs please call our team on 6989 4656.