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© Property Exchange Australia Limited 2014. This information is subject to copyright and is confidential. It is intended for use only by personnel in connection with the establishment by PEXA of a national e-conveyancing platform. The information may not be used for any other purpose. The information is made available to personnel on a "need to know" basis. Permission to reproduce or disclose to a third party all or any part of this information requires the prior written permission of PEXA.
Insert Headline Here
Insert Date HereProperty Exchange Australia
24th Annual Credit Law Conference
© Property Exchange Australia Limited 2014. This information is subject to copyright and is confidential. It is intended for use only by personnel in connection with the establishment by PEXA of a national e-conveyancing platform. The information may not be used for any other purpose. The information is made available to personnel on a "need to know" basis. Permission to reproduce or disclose to a third party all or any part of this information requires the prior written permission of PEXA.
Agenda
• Property transactions overview
• Update on PEXA progress to date
• PEXA user experiences to date
• The Future: What does the e-future hold for participants
© Property Exchange Australia Limited 2014. This information is subject to copyright and is confidential. It is intended for use only by personnel in connection with the establishment by PEXA of a national e-conveyancing platform. The information may not be used for any other purpose. The information is made available to personnel on a "need to know" basis. Permission to reproduce or disclose to a third party all or any part of this information requires the prior written permission of PEXA.
National Online Property Exchange
PEXA supports the exchange of property.
Lodgements and financial settlements completed online in a simple transaction.
In-scope transactions include:
• New Mortgages• Mortgage Discharges• Refinancing• Transfers
• Settlements• Caveats• Notices
© Property Exchange Australia Limited 2014. This information is subject to copyright and is confidential. It is intended for use only by personnel in connection with the establishment by PEXA of a national e-conveyancing platform. The information may not be used for any other purpose. The information is made available to personnel on a "need to know" basis. Permission to reproduce or disclose to a third party all or any part of this information requires the prior written permission of PEXA.
Property transactions are critical and will benefit from an improvement in customer experience
About Property
Total residential property asset base exceeds $5.2 trillion
Total credit extended against residential property of $1.4 trillion
In excess of 20% of legal practice revenue arise from property based transactions
About Property Transactions
Approx. 1 million transactions p.a.
20% of all transactions delayed
Of the 20% delayed, over half were for more than one week and a quarter were for more than two weeks
One third of all consumers were dissatisfied with their practitioner at the end
Majority of consumers spend more than 5 hours undertaking settlement activates
Significant personal stress reported in instances of delay
© Property Exchange Australia Limited 2014. This information is subject to copyright and is confidential. It is intended for use only by personnel in connection with the establishment by PEXA of a national e-conveyancing platform. The information may not be used for any other purpose. The information is made available to personnel on a "need to know" basis. Permission to reproduce or disclose to a third party all or any part of this information requires the prior written permission of PEXA.
COAG – the turning point
Alignment of States and Banks critical
Australia world first in electronic settlement of funds
Australia World First in e-Settlement
© Property Exchange Australia Limited 2014. This information is subject to copyright and is confidential. It is intended for use only by personnel in connection with the establishment by PEXA of a national e-conveyancing platform. The information may not be used for any other purpose. The information is made available to personnel on a "need to know" basis. Permission to reproduce or disclose to a third party all or any part of this information requires the prior written permission of PEXA.
PEXA Subscribers are experiencing significant benefits
FASTER EFFICIENT
Reduced time coordinating settlement
File completion is faster and more efficient
Visibility of all parties transacting through each stage of your dealings
Pre-populated fields and advance error notifications
SAFER
Same day access to the proceeds of sale – no more cheques!
Faster completion of each file
Near instant registration and settlement
Built in error checks to ensure successful transactions
National standard of regulation
Licenced, certified and insured network of industry professionals
Same security standards as banks
Reduced fraud risk
© Property Exchange Australia Limited 2014. This information is subject to copyright and is confidential. It is intended for use only by personnel in connection with the establishment by PEXA of a national e-conveyancing platform. The information may not be used for any other purpose. The information is made available to personnel on a "need to know" basis. Permission to reproduce or disclose to a third party all or any part of this information requires the prior written permission of PEXA.
Agenda
• Property Transactions Overview
• Update on PEXA progress to date
• PEXA user experiences to date
• The Future: What does the e-future hold for participants
© Property Exchange Australia Limited 2014. This information is subject to copyright and is confidential. It is intended for use only by personnel in connection with the establishment by PEXA of a national e-conveyancing platform. The information may not be used for any other purpose. The information is made available to personnel on a "need to know" basis. Permission to reproduce or disclose to a third party all or any part of this information requires the prior written permission of PEXA.
The Electronic Conveyancing Legal Framework has been established
Electronic Conveyancing National Law (ECNL)State and Territory Level
Model Operating Requirements (MOR)
Model Participation Rules (MPR) Regulatory Bodies
(e.g. APRA / State-based Legal Profession Acts)
Subscriber MembersFinancial Institutions,
Property Lawyers, Conveyancers
State Revenue Office
State/Territory Land Registries
Parties to Conveyancing Transaction
(e.g. vendor/purchaser)
The PEXA network has been developed and delivered
Regulators
• ARNECC• Legal
Requirements• Governments
On-boarding
Training
Settlement Services
Security
Communications
Operating Framework Member Framework
Financial Institution members
• Major banks• Non-major banks• NBFIs
SupportReporting
Information & Data Services members
• Data Aggregators & Resellers
• Fraud & Alert Services members
• Real Estate Agents• Govt.
Departments
Enabling Partners
• Land Registries• State Revenue
Offices• Reserve Bank of
Australia • Sponsors
PEXA – The company
• Business Services• Technology• People + Culture• Governance, Risk
& Compliance • Finance
Practitioner members
• Lawyers• Conveyancers
Risk Management Data Capture
Compliance
PEXA
Banks
Registries
Practitioners
Release 1
Network Backbone
Victoria Caveats
Release 2
Building the
Network
Release 2.3
Transfers & Financial
Settlement VIC & NSW
Release 2.4
Transfers & Financial
SettlementQLD & WA
Full roll-out:
NSW, VICQLD & WA
SydneyWollongong
Full roll-out:
SA, TAS & NT
Contracts Signed
GeelongBendigo
Melbourne
Jun 2013
Oct – Nov 2013
Jun 2014
Jul 2014
Nov 2014
Dec 2014
May 2015
Sept 2015
PEXA has established a track record of functional roll-out and is deploying functionality in phases
© Property Exchange Australia Limited 2014. This information is subject to copyright and is confidential. It is intended for use only by personnel in connection with the establishment by PEXA of a national e-conveyancing platform. The information may not be used for any other purpose. The information is made available to personnel on a "need to know" basis. Permission to reproduce or disclose to a third party all or any part of this information requires the prior written permission of PEXA.
Agenda
• Property transactions overview
• Update on PEXA progress to date
• PEXA user experiences to date
• The Future: What does the e-future hold got participants
© Property Exchange Australia Limited 2014. This information is subject to copyright and is confidential. It is intended for use only by personnel in connection with the establishment by PEXA of a national e-conveyancing platform. The information may not be used for any other purpose. The information is made available to personnel on a "need to know" basis. Permission to reproduce or disclose to a third party all or any part of this information requires the prior written permission of PEXA.
Operational experience of the PEXA Platform is positive
PEXA has been operating for 16 months with 99.92% availability
The PEXA platform is stable, robust and reliable
Land Registry system availability is critical for PEXA customers
SRO system availability may also be an issue for PEXA users in the future
PEXA EXPERIENCE
© Property Exchange Australia Limited 2014. This information is subject to copyright and is confidential. It is intended for use only by personnel in connection with the establishment by PEXA of a national e-conveyancing platform. The information may not be used for any other purpose. The information is made available to personnel on a "need to know" basis. Permission to reproduce or disclose to a third party all or any part of this information requires the prior written permission of PEXA.
PEXA has been used by Banks for 16 months and achieved excellent feedback
CBA hold the PEXA record for a mortgage transaction in NSW – 2 minutes and 20 seconds
Users enjoy the look and feel of PEXA
There is generally more effort in the processes around transactions than the transactions themselves
All major banks are planning to fully integrate PEXA into their technology
Banks have formed a Banking Council and agreed on a set of Guidelines
Transactions volumes increasing month-on-month
BANK USERS
© Property Exchange Australia Limited 2014. This information is subject to copyright and is confidential. It is intended for use only by personnel in connection with the establishment by PEXA of a national e-conveyancing platform. The information may not be used for any other purpose. The information is made available to personnel on a "need to know" basis. Permission to reproduce or disclose to a third party all or any part of this information requires the prior written permission of PEXA.
Practitioners have been using PEXA for 3 months in Victoria with good feedback
The on-boarding support is excellent
Once on-board, PEXA is easy to use with intuitive platform design
Numerous hands-on training options and collateral to prepare the business for change
In-flight conversion is in action
Practitioners who use PEXA do not tend to stop!
PRACTITIONERS
© Property Exchange Australia Limited 2014. This information is subject to copyright and is confidential. It is intended for use only by personnel in connection with the establishment by PEXA of a national e-conveyancing platform. The information may not be used for any other purpose. The information is made available to personnel on a "need to know" basis. Permission to reproduce or disclose to a third party all or any part of this information requires the prior written permission of PEXA.
Feedback from Banks and Practitioners is excellent
Practitioners:
‘The platform is painless and quick to use’
‘The platform is user friendly and simple to navigate. We are excited to be early adopters ahead of the industry’
Banks:
‘It takes a lot of admin out of what we already do here’
‘A big step up for customer satisfaction, time wise and cost’
‘Puts us in control of the title and the turnaround is days, not 4-6 weeks’
© Property Exchange Australia Limited 2014. This information is subject to copyright and is confidential. It is intended for use only by personnel in connection with the establishment by PEXA of a national e-conveyancing platform. The information may not be used for any other purpose. The information is made available to personnel on a "need to know" basis. Permission to reproduce or disclose to a third party all or any part of this information requires the prior written permission of PEXA.
Agenda
• Property Transactions Overview
• Update on PEXA progress to date
• PEXA user experiences to date
• The Future: What does the e-future hold for participants
© Property Exchange Australia Limited 2014. This information is subject to copyright and is confidential. It is intended for use only by personnel in connection with the establishment by PEXA of a national e-conveyancing platform. The information may not be used for any other purpose. The information is made available to personnel on a "need to know" basis. Permission to reproduce or disclose to a third party all or any part of this information requires the prior written permission of PEXA.
PEXA e-future
BANKS
Full integration From image to
transaction – all digital
Time to settle –days not weeks
Value adds
REGISTRIES
Platform replacements
More availability More services NATIONAL
infrastructure Convergence of
processes “e-Identity” will
be delivered
PRACTITIONERS
New processeswith more scale
An “e-connection” to clients – APPS and ALERTS
Far more transparency in transactions
Far more reliable & safe outcomes
Integration with other platforms
CONSUMERS
Real time money Transparency Consumers will
demand and get Apps and Services
Faster & lower cost solutions
Consumers will ask for PEXA
© Property Exchange Australia Limited 2014. This information is subject to copyright and is confidential. It is intended for use only by personnel in connection with the establishment by PEXA of a national e-conveyancing platform. The information may not be used for any other purpose. The information is made available to personnel on a "need to know" basis. Permission to reproduce or disclose to a third party all or any part of this information requires the prior written permission of PEXA.
To find out more
• Sign up for the PEXA update newsletter at www.pexa.com.au
• Email us at [email protected]
© Property Exchange Australia Limited 2014. This information is subject to copyright and is confidential. It is intended for use only by personnel in connection with the establishment by PEXA of a national e-conveyancing platform. The information may not be used for any other purpose. The information is made available to personnel on a "need to know" basis. Permission to reproduce or disclose to a third party all or any part of this information requires the prior written permission of PEXA.