on 24-07-2018 02:53 PM
on 24-07-2018 02:53 PM
We are attempting to complete a Transmission Application through PEXA.
The client is the administrator and beneficiary under the estate and we have used the instructions on the community page for this scenario.
entered that a financial settlement was not required however the workspace notes that one IS required and that we need to create a transfer in addition to the transmission application.
Can we amend the workspace to ensure that no finance settlement is required?
Solved! Go to Solution.
on 25-07-2018 10:03 AM
on 25-07-2018 10:03 AM
SolutionHi @CDGLaw
As per the instructions on Community, financial settlement is required for a transmission direct to beneficiary:
Create the Workspace with the following settings:
This is not because there is any requirement to settle funds between the parties. The reason is that PEXA Workspaces with financial settlement are able to receive a duty verification from the OSR.
It is necessary for PEXA to receive confirmation that duty has been assessed in EDR and to validate that information in each system is consistent.
A transmission alone can be completed in a workspace without financial settlement. However, any transfer to the beneficiary must be in a financial settlement workspace.
Ames
on 25-07-2018 10:03 AM
on 25-07-2018 10:03 AM
SolutionHi @CDGLaw
As per the instructions on Community, financial settlement is required for a transmission direct to beneficiary:
Create the Workspace with the following settings:
This is not because there is any requirement to settle funds between the parties. The reason is that PEXA Workspaces with financial settlement are able to receive a duty verification from the OSR.
It is necessary for PEXA to receive confirmation that duty has been assessed in EDR and to validate that information in each system is consistent.
A transmission alone can be completed in a workspace without financial settlement. However, any transfer to the beneficiary must be in a financial settlement workspace.
Ames