Welcome to the Financial Institutions Blog. My name is Marielle Yeoh, Chief Financial Services Officer, PEXA. I’ve been working with the banking sector here at PEXA for the last 5 years and it’s been quite a journey. I’ve seen first hand the outstanding progress made so far and I firmly believe the best is yet to come. I look forward to sharing the experiences ahead with you.
This is the first edition of a monthly update I’ll be sharing on Community and I am looking to cover some of the common bank related themes raised on the Community. I will also share insights on the work banks are doing to collaborate with practitioners. It should come as no surprise that collaboration is key to the success of your network.
We have heard about the impact of rolled settlements and I wanted to share that the automated rollover of settlement time is being shortened from 90 minutes to 30 minutes. This is planned for a future platform release – we’ll update you on all the details closer to deployment.
We have received feedback about locking workspaces 24 hours prior to settlement. This concept has been discussed at length and has other broader customer implications that must be worked through. For example, customers under this model may not have access to their banking facilities for that 24-hour period prior to settlement and this concept just doesn’t have broader industry agreement. However, options are being discussed and considered and we will keep you posted.
We hear you – last minute signing by all parties is stressful and not optimal for anyone. We can share with you that banks are focused on refining their high-volume processes to get earlier visibility of key tasks leading up to settlement. PEXA is also committed to working on functionality to assist with this moving forward.
The updated Transfer Guidelines have been live since May and were revised with thanks to the Industry Digital Transformation Working Group. All parties in the e-Conveyancing process were represented, the team comprised of banks, practitioners and PEXA representatives across the various states – another great example of the industry transforming together!
To ensure we help the banks continually improve their performance against the guidelines we monitor adherence to the Guidelines and work closely with the banks to provide regular and structured reports and feedback.
In the spirit of industry collaboration, the state of WA has continued to impress me. The 5th WA banking symposium was held last month at AICWA’s offices, with banks, conveyancers, panel lawyers and member bodies attending. These instances of peer-to-peer teamwork are key to better understanding one another during the ongoing digital shift.
Look out for this blog each month on our Community – we hope this and future instalments are helpful.