Bank timing guidelines - need to be 24 hours prior to settlement

[jacque]

PEXA, with your support we have all jumped on board to facilitate electronic settlements.  The system works insofar as everyone abides by the protocols and timelines.  Unfortunately, as in paper settlements, we are all frustrated with the Banks continual inability to either advise source funds or payout figures within a timely manner.  This morning the Bank was ready 30 mins prior to settlement.  This is not acceptable to anyone, wastes time, causes stress to all.   I ask that the Banks be required to give payout figures 24 hours prior to settlement and upload source funds 24 hours prior to settlement.  It is not a difficult ask and would have been done in a paper settlement anyway.

[KazVB]

I totally agree with you Jacque and I am hopeful of a resolution to this pre-settlement pexa panic.

[Cory]

I agree.  I do not understand that prior to PEXA you could call up the bank 2 days before settlement and get these figures but now with PEXA they are not uploaded until the last minute.  

[asundin]

Totally agree Jacque.

It should be easier for banks to provide their payout figures or source funds via the PEXA platform rather than for paper settlements, but they continue to cause issues in these areas.

As you said we have all tried to embrace the PEXA platform but is it frustrating when you are waiting for the banks to enter in these key pieces of data.

The banks need to improve their processes before electronic settlements are compulsory............and PEXA, you need to up your game in ensuring the banks maintain reasonable time-frames for the entry of this data for the settlement.  In the not too distant future there will be other providers of electronic settlement platforms and they may take business away from you if they have better processes in place to keep the banks in line.

[jacque]

Further, PEXA is happy to take our $110.55 per party, per transaction and are now not supporting us when Banks don't respond to us.  We are told to go directly to the Banks.  Here's an idea, if the Banks don't upload source funds/payouts 24 hours prior to settlement, then they should be penalised in the amount of $110.55 to the party who is demanding the payout or source to be uploaded.    Sounds fair to me.  Until the Banks decide to work with us in a fair and reasonable manner, the system will not work to any great satisfaction and will continue to cause frustration, delay and stress.

[Karolidis_and_Co]

This does seem to be a consistent complaint and with the increase in volume, I do not see how PEXA can follow up with the banks and to be honest no one should have to...

Instead, I believe the "solution" might be for a consistent minimum time period to be set "from the top" and monthly reports regarding how punctual the various banks are ie. 75% of funds loaded/confirmed at least 24 hours prior to settlement, etc.  Surely the software can be adapted to provide for such reporting.