Introducing PEXA Key

Saysa · ‎12-08-2019

Introducing PEXA Key!

What is PEXA Key?

PEXA Key is a new secure app for clients through which bank account details required for settlement can be exchanged and clients can track their settlement’s progress.

When sellers input their bank account details into PEXA Key, the app communicates this information into their practitioner’s PEXA Workspace, eliminating the need to engage insecure communication channels and risk interception by a third party. This solution also removes the need to rekey bank account information and enables the practitioners to provide their firm’s trust account details securely to the buyer.

Watch short videos on what the client sees in the app below:

You can also ask any questions on PEXA Key in the PEXA Key discussion forum.

Who is PEXA Key available to?

PEXA Key is available in all active e-Conveyancing states and stands to support practitioners by offering a safe alternative to insecure communication methods such as email, where bank account details can be intercepted, and payments subsequently redirected.

What does PEXA Key do?

A secure way for your clients to provide bank account details for surplus funds.
A secure way for you to share your trust (or PEXA registered source account if applicable) with your client. Avoiding the need for email to transmit important banking details.
Provide high level settlement tracking up to settlement completion including such things as a countdown to settlement time and notifications of when the property has been settled.
Answers to frequently asked questions and high level articles in relation to ‘what to expect’ during settlement.
In addition to PEXA Key’s security purposes, the app provides high level settlement tracking and educational material for buyers and sellers on what to expect when transacting property.

What doesn’t PEXA Key do?

It doesn’t display specific details from your workspace
It doesn’t display status of documents, or the overall status of the workspace
It doesn’t display financial information
It doesn’t push too many details to a client, but keeps them updated on the settlement date and their pending settlement
It doesn’t share documents

Website

For more details and links to App store and Google play stores, head to: https://key.pexa.com.au/

A big thank you to those who were involved in the PEXA Key pilot - your feedback has been instrumental during the app’s development.

If you have any questions about PEXA Key, please ask them in the e-Conveyancing Community or contact your PEXA Direct Specialist. You can also refer to our What to expect articles for PEXA Key at the bottom of this page.

How to use PEXA Key

Invite Your Clients to PEXA Key

In PEXA Exchange, first ensure you create a new party record for your client (or edit an existing Party record) via the Participants screen.
With the Party screen open, ensure “I represent this party” is selected and add the party details. Note: you can send a PEXA Key invitation when representing an individual or organisation.
Select the check box alongside - “Send my client an email and SMS on my behalf inviting them to monitor their settlement and securely send account details through PEXA Key”.
Enter their mobile phone number.
Enter their email address.
Note: If you are representing an organisation, you will need to also enter the first and last name of the person you have nominated to receive the PEXA Key invitation.
Click Save.
PEXA will automatically send your client an email and SMS inviting them to PEXA Key on your behalf.

Party screen.jpg

IMPORTANT NOTE: Ensure the mobile number and email address details are correct. You won’t be able to update this information after saving (for security reasons).

Request Bank Account details with PEXA Key

First, invite your client to PEXA Key.
Then, navigate to Settlement screen.
Navigate to the Adjustments and Payments tab and scroll down to Payment Directions. Click on Request Account Details.
Request Account Details screen will show the following:
1. Select the name of your PEXA Key client from the list.
2. 4b. Enter the Amount to be deposited to your clients account at settlement. The amount can be edited later if required.
3. 4c. Enter a Transaction description. This is a description that your client will see in the PEXA Key app and will help identify the request for funds. For instance, Sale11Cairnes.
4. Click Save.
PEXA will automatically send your client a notification via the PEXA Key app, asking them to complete their bank account details.
NOTE: The request will remain open until your client completes their Bank Account details.
Once the details are submitted by your client, the line item is automatically updated with their Account details.
Click Action cog and select Create to move the line item to your destinations, ready for settlement.
NOTE: The line item can be edited at any time leading up to your settlement.

Send Trust Account Details with PEXA Key

First, invite your client to PEXA Key via the Participants screen.
Navigate to Settlement screen
Select the Source Funds tab.
Click the Send Trust Account Details button in the Provide Account Details section.
Send Trust Account Details screen is displayed.
PEXA Key Client: Select the client you want to send your trust account information using PEXA Key.
Source Account: Select the trust account you want to send to your client.
The details of the account, including BSB, Account number and Financial Institution are then displayed.
Amount: Enter the exact amount you want your client to deposit into your trust account.
Transaction Description: This is the reference that is displayed in PEXA Key and will be entered by your client when making their deposit into your trust account (For example, 11 Cairnes Sale).
Click Send.

What your client will see

Your client will receive a push notification on their phone, and will have a new task in the PEXA Key app.

After opening the app, your client will see the task titled Funds requested for settlement.

Your client will:

Select the View button.
Read a brief description of what is required and select View account details.
Review the amount requested, and the trust account details.
Use these details to transfer the requested amount to the Trust account.

Completing the Transfer

To indicate that the transfer has been completed, your client will:

Select the toggle to acknowledge the statement “Transfers must be made at least 3 business days before settlement”
Select Transfer done.

Completed tasks

Once completed, your client can return to the app and to view the details of the completed task at any time.

Send PEXA Source Account Details with PEXA Key

First, invite your client to PEXA Key via the Participants screen.
Then, navigate to Settlement screen and click into the Source Funds tab.
Click the Add Source button.
Complete the Source line item, selecting PEXA Source Account.
Under the PEXA Key Banner, select the Send my client account details through PEXA Key.
PEXA Key Client: Select the client you want to send the PEXA Source account information using PEXA Key.
Click Save.
Once saved, the Source Funds tab will show the details that have been sent to your client in the Provide Account Details

What Your Client Will See

Your client will receive a push notification on their phone, and will have a new task in the PEXA Key app.

After opening the app, your client will see the task titled Funds requested for settlement.

Your client will:

Select the View button.
Read a brief description of what is required and select View account details.
Review the amount requested, and the PEXA Source Account details on the screen
Use these details to transfer the requested amount to the PEXA Source Account.

Completing the Transfer

To indicate that the transfer has been completed, your client will:

Select the toggle to acknowledge the statement “Only electronic transfers are allowed, no later than 3 business days before settlement”
Select the Learn more option to display details about the PEXA Source Account and the requirements when depositing to this account.
Select Transfer done.

Completed tasks

Once completed, your client can return to the app and to view the details of the completed task at any time.

PEXA Key FAQs

Where is PEXA Key available for download?: PEXA Key is exclusively available to download from the Google Play Store and Apple App Store.

What visibility will my client have over their settlement?

PEXA Key provides high-level settlement tracking up to settlement completion including a countdown to settlement time and a final notification when the property has settled. Importantly, PEXA Key:

Doesn’t display status of documents, or the overall status of the Workspace.
Doesn’t display financial information (except practitioner trust account information, if provided for the deposit of funds).
Provides minimal details of settlement such as a high-level overview and settlement date.

What happens if I incorrectly enter my client’s mobile number or email address into the PEXA Workspa...

If for some reason you enter an incorrect mobile number or email address, you must follow these steps to make a change:

Withdraw representation of the party record via the participants screen
Edit the party record
Represent the party
Update the mobile number and email address

Is SettleMe still available?: No, SettleMe is no longer available.

How much will it cost for my clients to download PEXA Key?: PEXA Key is free

How do I know that my client has downloaded and activated the PEXA Key app?: When a client has accepted and activated PEXA Key, the PEXA Key icon will appear green next to their name in the Workspace summary screen in the PEXA Workspace.

will my client's information be shared with third parties?: PEXA will not disclose your client’s personal information to any third party without their express consent (e.g. if they expressly opt-in to receiving marketing material from within the PEXA Key application).

Does PEXA guarantee this app?

The PEXA Key Secure Communication Guarantee guarantees the secure communication of bank account details between a client and their practitioner. This means:

The bank account details that a seller enters via PEXA key will be received by the seller’s practitioner, as they were entered into PEXA Key.
The trust account details that the practitioner shares with the buyer via PEXA Key, will be the bank account details the buyer receives.
Please note the guarantee does not relate to the movement of funds, rather it covers the secure communication of bank account details via the app.
Full list of PEXA Key Secure Communication Guarantee terms and conditions click here.

Can more than one person use PEXA Key for the same settlement?

Yes, any individual represented by you (and has a Party record in a Workspace) can be invited to track their settlement via PEXA Key.

In the instance where bank account details must be requested for the same settlement from different parties, you must request each of the bank account details one at a time.

If you are requesting multiple bank account details from the same individual client, only one request per client can be sent at a time, so you must wait for your client to submit the first lot of bank account details before requesting the second.

Using the bank accounts submitted, distribute the funds accordingly within the Workspace’s Financial Settlement Schedule.

What if my client wants the proceeds of sale to go to more than one account?

In this instance, you must request each bank detail one at a time.

Only one request per client can be sent at a time, so you must wait for your client to submit the first bank account before requesting the second. Then, using the bank account submitted, distribute the funds accordingly within the Workspace’s Financial Settlement Schedule.

What upcoming features can we expect to see on PEXA Key?

We are always looking at new ways to enhance the PEXA Key experience for both buyers, sellers and practitioners.

We are currently working on ways to provide more visibility to what your clients are seeing and different ways to inform you once they have downloaded and activated the app. You can leave any feedback or suggestions on the PEXA Key community page or alternatively through the Feedback tab in PEXA.

How is PEXA Key more secure than email?: Email can be intercepted by a third party without the knowledge of the sender or receiver. With PEXA Key, the communication channel is secure, we have verified their details against what is entered in the Workspace and sent your client a 2-factor SMS code. In addition, client information is communicated into the PEXA Workspace, and removes the need for a practitioner to manually enter bank account details.

What happens if my client wants to change their nominated bank account details after entering it in ...

If for some reason a client requests to change the bank account details they submitted via PEXA Key, we recommend reinitiating a new PEXA Key request. This will ensure that your client enters the correct bank account using the secure communication of PEXA Key. Please do this by clicking “Request Bank account details” under payment directions in the FSS screen and filling in the required fields.

You can manage the line item according to the change that comes through from your client.

Can I invite organisations to PEXA Key who are purchasing/selling property, especially for the bank ...: Yes.

Where do I go for technical support on PEXA Key?: Please send any PEXA Key questions or support queries via email to our support team on support@pexa.com.au or call 1300 084 515.