19-02-2018 02:57 PM - edited 20-02-2018 11:58 AM
19-02-2018 02:57 PM - edited 20-02-2018 11:58 AM
Please note that the below information is critical to the success of your workspace when using the PEXA Source Account.
Transaction Considerations:
This may mean that your TT / RTGS / IMT may not be available for settlement in the PEXA Source Account within 4 hours. We continue to request depositing 3 business days earlier regardless of method of payment.
Key points:
on 19-02-2018 05:41 PM
on 19-02-2018 05:41 PM
Hi @Caner
@Caner wrote:
...
- The PEXA Source Account receives funds 3 times a day - 10.30am, 1.30pm and 4.30pm only, and at no other times, including overnight.
This may mean that your TT / RTGS / IMT may not be available for settlement in the PEXA Source Account within 4 hours. We continue to request depositing 3 business days earlier regardless of method of payment.
- PEXA does not control how fast payments are received into the PEXA Source Account. PEXA cannot initiate a trace on funds that have not arrived into the PEXA Source Account within an expected time; the remitter is able to commence an investigation by contacting the financial institution used to make the deposit.
Key points:
....
- If settlement does not proceed and funds need to be returned, funds can only be returned to the account from which they were transferred (refer to Section 2.4 of the PEXA Service Charter.)
Couple of Questions;
on 21-02-2018 11:27 AM
on 21-02-2018 11:27 AM
Hi DMc,
PEXA is not able initiate a trace on funds as mentioned.
How PEXA identifies and allocates funds in the PEXA Source Account is via account particulars and workspace references, which are unique to each workspace.
That is why it is important that no other reference, such as "house funds" or "customers name" or "property address" isn't the reference - only what is provided on the Source Account Deposit Form. If funds do need to be returned, the process is therefore quite simple in this regard.
Times are AEST (Melbourne) - good pickup.
Thank you.
on 14-03-2018 01:50 PM
on 14-03-2018 01:50 PM
Hi all,
Further to this chain, and just to clarify, PEXA is able to see the source of funds deposited into the PEXA Source Account. This means that if settlement does not proceed and funds need to be returned to the depositor, PEXA is able to determine the account to which the funds are to be returned.
This is different from the scenario where funds are not received in the PEXA Source Account (e.g. because incorrect account details were entered). In this scenario, PEXA is not able to initiate a trace of the funds. The depositor would need to do that with their bank.
Lastly, the PEXA Source Account Deposit Form can now be downloaded from your workspace. Click on the action wheel of the line item created and you can then download the form on the spot. You no longer need to wait for an email until the end of the day.
Cheers
on 05-02-2019 03:07 PM
on 05-02-2019 03:07 PM
I know it states 3 days clearance in the source account before settlement, but if a telegraphic transfer or RTGS transfer is made at 10:30am the day before settlement, then 4hrs later it should be in PEXA's source account?
Has anyone done a transfer to the PEXA souce account the day before settlement with no issues? Just wondering how to get funds in for a settlement this Friday. Customer's funds do not become available until Thursday morning and we dont have a trust account and obviously we are outside of the 3 day time limit so not sure what to do now as the other side have another settlement the following Monday so they can't even do a paper settlement :-(
Customer was advised funds would be available today, but banker got it wrong so now were stuck. Any help will assist thanks!
on 05-02-2019 03:48 PM
on 05-02-2019 03:48 PM
Good afternoon SYNCPM,
Yes, it is an unfortunate position to be in!
It is always recommended that the funds are in the PEXA Source Account 3 business days prior, but there are instances when funds are sent in later via RTGS / Telegraphic Transfer. Although this method of payment is generally quicker, we have experienced, at times, funds coming in days later, similar to an EFT transfer.
Though the branch may advise that the funds are in within 4 hours, this is not our experience, and would encourage your client to transfer the funds first thing in the morning on Thursday, with the settlement booked Friday in the afternoon, say midday. PEXA receives funds at certain times in the day (per main article) and hopefully we receive these funds in time for your settlement.
PEXA will be on the lookout for these funds. If you would like to reach out on the day of settlement you can do so by contacting our support centre on 1300 084 515 or support@pexa.com.au.
Thank you