on 21-07-2017 10:27 AM
We have now used PEXA for a number of transactions but will no longer agree for any settlements using this system until substantial improvements under undertaken.
Today I have three settlements going through PEXA and at 10AM the morning of settlement none are ready to settle. Mostly because the bank haven't done their tasks.
I wouldn't mind, except that we cannot finalise our tasks in the system until this is done so I have to stop working on other files to keep watch on PEXA. This is a complete waste of my time.
The financial settlement page is completely hopeless. When representing a vendor we why do we need to see stamp duty, transfer fees, the purchaser's representatives fees, the purchaser's PEXA fee. We can't update the destination until the bank have entered the payout figure even when the bank are collecting all funds.
Why does the vendor's representative sign the Notice of Acquisition? How can I truly sign that this is correct when cannot verify half the information such as the purchaser's date of birth, future address?
The data that is entered on the transfer document page is partly for use on the Notice of Acquisition.
Stamp duty can't be assessed until the vendor's future address is saved.
I could go further.
Prior to doing conveyancing I wrote business software for over 15 years so I know this is not difficult to fix.
Their has been a complete lack of consultation with the conveyancing profession and/or lack of analysis of conveyancing process.
I hope that PEXA decide that making the system actually effective for the users becomes a priority.
on 21-07-2017 12:29 PM
Thank you for joining community and sharing your experience. I’m sorry to hear you’ve had a frustrating first few PEXA settlements. I understand that PEXA Member Support are helping you at the moment to ensure you complete your settlements today – you’re in good hands!
The industry is undergoing major transformation as we transition towards 100% digital. This is affecting many aspects of conveyancing and yes, there’s still a few pain points to overcome. We’re working hard to facilitate conversation, collaboration and feedback between industry participants.
There’s been nearly 500,000 property transactions completed through PEXA to date. The system is robust and secure. We consistently review member feedback like yours to improve both system functionality and industry behaviours. I will share your feedback with the PEXA Product team. You can see here on our Ideas Board that they regularly speak with PEXA members like you.
There has been significant industry consultation with the Electronic Conveyancing Group, the Australian Institute of Conveyancers and the Law Societies – you can read about that here.
We’re grateful that you’ve taken time to share your experience. I will also share your feedback with our financial institutions leaders at an upcoming banking symposium next week.
Head of Customer Engagement,
Voice of Customer Team, PEXA
on 24-07-2017 10:49 AM
Thanks for your response. Unsurprisingly rather than address any issues raised you have simply dismissed them as "pain points".
I have not questioned whether you can actually have a transaction effected or whether it is secure.
I have questioned the efficiency and usability of the system. Almost every firm I have spoken with either will not use PEXA or has major concerns. I have seen almost no visible changes to the user experience over the last 12 months,
It is clear that although there was consultation with the industry there was little interest given to the feedback provided. I can't imaging any firm would be positive about the Financial Settlement screen.
on 24-07-2017 02:41 PM - last edited on 24-07-2017 03:32 PM by AnnaHardie
We are always keen to hear feedback, both positive and not so.
I will respond to your specific issues below. We will take your feedback on board and see how we can improve the user experience.
Item 1: "we cannot finalise our tasks in the system until this (banks have completed their tasks) is done so I have to stop working on other files to keep watch on PEXA."
Item 2: “The financial settlement page is completely hopeless. When representing a vendor we why do we need to see stamp duty, transfer fees, the purchaser's representatives fees, the purchaser's PEXA fee. We can't update the destination until the bank have entered the payout figure even when the bank are collecting all funds.”
ITEM 3: “Why does the vendor's representative sign the Notice of Acquisition? How can I truly sign that this is correct when cannot verify half the information such as the purchaser's date of birth, future address?”
The business rules surrounding Document data requirements, data validation, digital signing and certification are specified by the jurisdictional Revenue Office / Land Registry that owns the Document.
The business rules for the NOA are defined by the VIC SRO. PEXA must abide by these rules.
We are constantly working with our jurisdictional colleagues and community members to learn how we can meet statutory requirements while providing the best possible user experience.
Thank you for your feedback. If you have more questions, please let me know.