Welcome to the fourth Bank Blog. In this edition, I’ll be discussing settlement rollover, recent collaborative initiatives in the network and Transfer Guideline performance.
We’ve received messages about banks not addressing settlements which have ‘rolled over’ as first priority. For example, if two settlements are scheduled for 3.30pm, with one originally booked at this time and one having rolled from earlier in the day, there has been feedback about the already-rolled settlement not always being actioned first.
We understand that this is frustrating for all parties and would like to provide some context. Presently, it is difficult for the banks to see which settlements have rolled – currently, they simply see which settlements are due at a certain time, whether originally slotted at that time or having been rolled.
This makes it tricky for the banks to distinguish between rolled/non-rolled settlements and attend with heightened urgency. This is a feature PEXA is committed to building into the platform to manage these situations and avoid Workspace stress and delay. Stay tuned for an update.
It’s also important to reaffirm that the date of settlement is vital, and the banks are aware that changes have major impacts on Workspace participants and customers. Movement occurs only in exceptional circumstances and the banks are working to eliminate this.
I’d also like to share a positive initiative that recently occurred in South Australia. Financial institutions alongside PEXA visited practitioner offices in Adelaide’s CBD to exchange ideas and feedback around the settlement process. These endeavours are so pleasing to see and help to encourage co-ownership of the digital settlement process.
As always, I hope you found this useful, please leave any questions you may have below and keep an eye out for the next Bank Blog.