When will banks be obliged to load figures onto PEXA other than the day of or before settlement?

[EmilyBilling]

Thanks to @MIM for this question during today's webcast. Malcolm asks - When will banks be obliged to load figures onto PEXA other than the day of or before settlement? 

@MatthewGillet - are you able to comment? 

[Kate_Camilleri]

Hi Malcolm, 

Great question as this is a hot topic -the Guidelines stipulate that an indicative payout figure be provided via a conversation by the MoT where possible 2 days before settlement and final payout figure entered by 10.am on day of settlement.

All banks are committed to meeting the 2 day timeframe for indicative where possible, and can absolutely see the benefits to all participants in providing the final payout figure earlier and are therefore working through the significant system and process challenges required to enabled this.

Thanks, 

Kate. 

[TW]

How about source funds for incoming banks?  Is there a guideline for this?

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[TheresaTing]

Hi Taya

Transfer Guidelines cover a range of topics including when banks are required to load source funds. 

You may find the Transfer Guidelines here.  Item 15 - Settlement Preparation will give you an idea of when to expect this. 

If there has been any breaches by a financial institution in the timings of the Transfer Guidelines, you may escalate it by emailing PEXA Support with the workspace ID. Please also ensure you send the bank a conversation within the workspace.

Hope this helps!

Regards

Theresa

[Katelyn524]

Hi Kate,

I’m yet to be provided an indicative POF in conversations from a MOT at any point in time.

[BGoodwin]

Hi,

Just on indicative payout figures which are great when the MOT provides them, however sometimes they are taken as final figures. It would be good if there was some indicator that the figure is or isn't a final payout figure. I suppose if it's signed off by the MOT it becomes a final figure, but I have seen them changed again before settlement.

Regards.

[Kate_Camilleri]

Thanks for your feedback Katelyn, 

In relation to the industry agreed targets:

1. Indicative figures 2 days prior;
2. Final figure 10am the day of settlement;

we understand that not all banks have the systems and processes in place just yet to meet them consistently. However, each activity in PEXA is measured and tracked so there is data across industry to support change. 

Barry - you make a good point  - we're looking at changes to PEXA to improve the process for providing these figures including clearly distinguishing between the types. 

Thanks, 

Kate.