PEXA is pleased to present the next release of the PEXA System, Release 6, scheduled for business go live Monday 29 May 2017. In this release, PEXA introduces:
We have made it easier to locate the Subscriber you’re looking for. When searching for a Subscriber, via Subscriber search or when looking to send an invitation to a Subscriber, we have improved our search by now catering for small variances in company names.
Our Subscriber Search now handles:
With Release 6, PEXA is now allowing financial institution Subscribers to provide source funds in a Workspace, even though they aren't a party to the property transaction. The new Source Funder role is restricted to Financial Institutions (Subscriber type) that are able to provide source funds. Importantly, this role is restricted to providing source funds for the transaction.
In the role of Source Funder, the Subscriber will not be able to:
Inviting a Source Funder to your Workspace
Subscribers wishing to provide funds in a Workspace, but not participate in any documents, must be invited into a Workspace in the role of Source Funder.
Acting in the role of Source Funder
For participants accepting an invitation to provide funds to a transaction, you enter the Workspace with the primary role of entering a source financial line item.
Providing Source Funds
New certification statements have been added for all jurisdictions and documents.
The Certification statements, visible in the Signing screen, reads:
Note: The term Subscriber has been replaced with the term Certifier.
With this release, Subscribers can now successfully link 6 Workspaces for simultaneous lodgement. Please review the linked lodgements article for more details.
We have added some additional details to the Unread Conversations screen to assist you in assessing the conversation.
We have added:
These new fields will help you allocate your time to the most appropriate outstanding messages based on the type of transaction and the settlement date and time.
Note: Please apply a filter to the Settlement date and time and the Transaction type columns if you wish to show conversations around transfers with the closest settlement date and time. These filters will be applied as long as you stay on the screen. While still on the screen, you can also use the refresh button to refresh to the table.
Upon Release 6, when a subscriber creates a user who has signing rights to Land Registry Documents, the Subscriber Manager will be required to specify the user’s Signing Role.
A Signing Role is a category that has been defined by the Land Registries.
Based on Subscriber type, Signing Roles have been categorised as follows:
Subscriber Type ‘Solicitor’
Note: For existing Subscribers that have a Subscriber Type of ‘Solicitor’, you would be familiar with the question “Is this user an Australian Legal Practitioner?” The change is to capture this same information, but align it with a suitable phrase for all Subscriber types.
Subscriber Type ‘Conveyancer’
All other Subscriber Types (Eg: Financial Institutions/Government Departments)
User Details screen
Subscriber Managers can locate the Permissions settings and the new question “What is the user’s signing role?” via the Administration Tools > Manage Users screen.
For existing Subscribers that have users with Signing Rights to Land Registry documents, a conversion will be run to set the ‘Signing Role’ as follows:
When the user signs, the Signing Role will render to the relevant Land Registry document in the jurisdictions of QLD and VIC.
Note: This change has been introduced to support the implementation of National Mortgage. PEXA is advised by the Land Registries that Signing Role is for Document template rendering only and will have no impact on a user’s ability to sign.
A new account type of Authorised Settling account has been created for financial institutions to allow non ADIs and Tier 2 financial institutions banking to provide source funds to settlement.
The key goal of implementing this change is to allow tier 2 financial institutions and non-ADIs the ability to settle on PEXA where their transaction FI requires only a known, specific set of users to have the ability to authorise the transaction for the purposes of the property settlement.
The authorised users attached to the account will mirror the signatory list against the account held at the transaction FI.
The feature will be available as a new account type to subscribers that are Financial Institutions with either an ‘Integrated Indirect’ or ‘Non-Integrated Indirect’ settler type.
The Subscriber Manager will verify the Authorised Settling Account in their Financial Accounts profile to ensure that the account details have been correctly entered.
Financial Institutions must then assign authorised users to the account in order for source financial line items to be authorised. Once the account has been verified, the Subscriber Manager will have the ability to add authorisation permissions for each individual user.
Once a source line item has been included in a workspace, these funds must be authorised.
Please refer to the Authorised Settlement account (to be created) article for more details.
As part of our continual improvement of the new Files Upload functionality, we are making a few updates in this release, including:
(added to notes on May 23)
Titles with the following additional Victorian Estate Types will be able to be transacted in PEXA:
The following documents may be created for these titles:
The auto balance vendor’s funds financial line item feature will allow a practitioner that is representing the Proprietor on Title (vendor) to enter an estimated amount for the vendor’s surplus funds. The auto balance feature balances the net vendor amount between loan payout and vendor surplus.
Once this value is captured, the user enters a minimum and maximum threshold that represents the lowest and highest amounts that can be received as vendor’s surplus funds. The Vendor surplus funds are only calculated after the Mortgagee on Title (outgoing mortgagee) has entered their loan payout figure(s) and signed their financial settlement schedule.
Prior to adding the vendor’s funds destination financial line item, the proprietor on title has to have already completed the following steps:
Add Destination Financial Line Item – Vendor’s Funds
This is the first step in improving the user experience for the all parties on the day of settlement by removing the dependency on the Mortgagee on Title to enter final loan payout figure(s) on the morning of financial settlement. This increases the chance that the transaction will settle on time and reduces the burden on the Proprietor on Title to constantly monitor the Workspace in anticipation for the Mortgagee on Title entering the loan payout figure(s).
How can I get this feature?
PEXA has the capability to turn on/off this feature for any given subscriber. By default, the feature will be switched off while we run a pilot to gain feedback and to improve the solution before releasing to everyone.
If you are interested, please contact your PEXA Direct Specialist to get involved in the initial pilot and have the feature switched on.
Once you are included in the pilot program via your PEXA Direct Specialist, please navigate to the pilot group for more details on Auto Balancing functionality.
If you have any feedback on this functionality, and possible improvements, please post on our eConveyancing community feedback forum.