You can nominate source funds for Financial Settlement from your own trust account if it has been set up in PEXA. Find out how to set up your trust account in PEXA in a few quick steps.
Setting up your trust account in PEXA
Your trust account must be held at an approved authorised deposit taking institution.
PEXA will tell you if your financial institution is able to receive instructions on your trust account via the PEXA System.
Upon receiving your request, PEXA will forward your Trust Account Form to your financial institution.
Your financial institution will:
Verify the account number and details correspond with your account held at the financial institution; and
Verify the list of authorised signatories against the records held at the financial institution.
Once PEXA receives verification from your financial institution, it will include the account details in your Subscriber Profile.
You will then have control and responsibility for:
Verifying the accuracy of your account details;
Activating the account in PEXA;
Nominating authorised signatories on PEXA (subject to verification by your financial institution);
Setting limits for signatories;
Removing authorised signatories;
Removing your trust account from PEXA.
Once your account is set up in PEXA
Account details are locked once verified and cannot be modified by either you or PEXA. However, the account can be removed by you. To add a new account, you will need to again complete a Trust Account Form so that PEXA may seek verification from your financial institution.
Verification will also be sought when you wish to add any new signatories. At any time you can remove an authorised user or remove an account from your Subscriber Profile. You should be aware that removing the authorisation of a User will impact any Authorisations performed by that User in Electronic Workspaces which have not reached settlement causing all of those Authorisations to be Unsigned.
Note: Electronic Workspaces that have already initiated Financial Settlement or have completed Financial Settlement will not be affected.
If you delete your account, it will not be available to fund any future Financial Settlements, other than those where Financial Settlement has been initiated (on the Scheduled Settlement Date and Time).