You will be able to nominate the account as a source account for funds in a financial settlement. The account will be available for you to select from a drop down list, significantly reducing the risk that an account details will be entered in error.
Users set up in your Subscriber Profile can create Line Items and select your Trust Account as the source account for source funds. These Line Items must then be verified and digitally signed. A Subscriber User must first verify funds are available for settlement. A User with permission to sign a Settlement Statement must then Digitally Sign the Settlement Statement and a User/s with permission to Authorise use of Trust Account funds must Digitally Sign to authorise use of the verified funds. Trust Account Authorised Signers are appointed by you and sign in accordance with Subscriber User Signing Rules established by you – i.e. single or dual authorisation and up to the limit assigned.
Sending payment instructions to your financial institution via PEXA does not alter your responsibilities in relation to your trust account.
As with making electronic transfers via Internet banking or drawing cheques, you will remain responsible to ensure cleared funds are in the account for the transaction and that only authorised persons have permission to authorise transactions.
PEXA provides a Trust Account Authorisation Record which you can print and retain for trust account reconciliation and audit purposes.
PEXA also allows Subscribers to access a Settlement Completion Record which records all source and destination line items for the transaction. The combination of your client file and instructions, the Trust Account Authorisation Record (where applicable) and the Settlement Completion Record are all components of record keeping for a PEXA transaction.
Your trust account can also be nominated as the destination account for funds from settlement.