Community home
Menu
  • PEXA Certified Expand

    PEXA Certified

    This program will give you an introduction to PEXA, how it works and how it can help you transform your business processes.

    Discover More
    • Getting Business Ready
    • System Set Up
    • Transacting in PEXA
  • Help Centre Expand

    Help Centre

    Here you’ll find more than 230 help articles and videos to assist you.

    Discover More
    • Help Articles
    • Help Videos/PEXA TV
    • PEXA Interactive Demos
    • FAQs
    • Ask a Question
    • PEXA Certified
  • Ask a Question
  • Share your Experience
  • Raise an Idea
  • Blogs Expand

    Read the latest in our blogs.

    Keep up to date with the latest PEXA product releases, and read up on the property blog.

    Discover more
    • Community Blog
    • The Property Blog
    • Security Updates
    • PEXA Product Releases
    • Announcements | Outages etc
    • The Bank Blog
    • Workspaces
      Community
      Register
      Log in
    Apps menu
  • Register / Login

Community Home
Register / Login

What happens at Settlement?

cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
  • Community
  • :
  • PEXA Certified
  • :
  • Transacting in PEXA
  • :
  • What happens at Settlement?
What happens at Settlement?
EmilyBilling
EmilyBilling Product Owner
Product Owner
‎21-06-2016 02:21 PM
Topic Options
  • Subscribe to RSS Feed
  • Mark as New
  • Mark as Read
  • Bookmark
  • Subscribe
  • Email to a Friend
  • Printer Friendly Page
  • Report Inappropriate Content
  • Feature this Topic

What happens at Settlement?

In order to complete financial settlement, PEXA electronically sends instructions, to payment integrated Financial Institutions involved in the transaction, as well as the RBA. As the funds are exchanged, confirmations are sent back to PEXA, which are then reflected in the Workspace Summary. The following provides an outline of the settlement process and the information provided in the Workspace Summary.

ready-ready.png

  • Workspace must be in READY/READY status before settlement time.
  • All documents must be Signed.
  • Financial Settlement Schedule must be signed and balanced.

ready-setting.png

  • At settlement time, the following happens:
    • The Workspace locks.
    • The Financial Settlement Status moves to Settling.
    • If a trust account is involved, a Source Funding instruction is sent to the bank.
    • Once Source Funding is complete, Reservation is sent to the RBA (runs every 2 minutes).

settling-lodgeing.png

  • Once an RBA Reservation is received:
    • Lodgement Request is sent to the Land Registry.
    • Lodgement status moves to Lodging.

lodging-lodged.png

  • Once Lodgement is complete, the Lodgement status moves to Lodged.
    Note: The Land Registry will commence reviewing documents.
  • Once Lodgement status is Lodged, Settlement Response is sent to the RBA (runs every 2 minutes).

settled-lodged.png

  • The RBA will send a response once the Settlement Request has been processed.
  • When the Settlement Response has been received Financial Settlement status will move to Settled - at this point Financial Settlement has been successfully and irrevocably completed.

lodged-delivering.png

  • Once Settlement at RBA is complete, disbursement will commence, Financial Settlement status moves to Disbursing. Disbursement batch runs every 10 minutes.

complete-complete.png

  • When the Land Registry has completed reviewing the documents and has provided a final status for the documents (e.g. registered or rejected) the Lodgement status will move to Completed.
  • When all banks involved in settlement have returned Disbursement responses, the Financial Settlement status will move to Disbursed.

 

Completing the Getting Started with PEXA program? See whats next.

Now that you've mastered completing a transfer electronically, learn about how you can complete linked settlements electronically by reading the article Linked Financial Settlement.

  • Tags:
  • PEXA Certified
3 Likes
  • Back to Blog
  • Newer Article
  • Older Article
3 Comments
DMc
DMc Community Superuser
‎14-12-2017 02:21 PM
29772 Views
3 Comments
  • Mark as Read
  • Mark as New
  • Bookmark
  • Highlight
  • Print
  • Email to a Friend
  • Report Inappropriate Content

Handy reminder, thanks, Community.

Would like to see this reminder information during an e-settlement workspace maybe a link would be handy.

Suggest Customer version made available in 'Settle-Me' to assist with customer expectations.

Cheers Smiley Happy

3 Likes
TJ
TJ
‎29-11-2018 02:29 PM
29772 Views
3 Comments
  • Mark as Read
  • Mark as New
  • Bookmark
  • Highlight
  • Print
  • Email to a Friend
  • Report Inappropriate Content

Just a note for anyone unsure and to clear things up – once Financial Settlement has moved to Settled, Financial Settlement has been successfully and irrevocably completed.

1 Like
DMc
DMc Community Superuser
‎02-09-2020 06:16 PM
29772 Views
3 Comments
  • Mark as Read
  • Mark as New
  • Bookmark
  • Highlight
  • Print
  • Email to a Friend
  • Report Inappropriate Content

Thanks @TJ

Just a note for anyone unsure and to clear things up – once Financial Settlement has moved to Settled, Financial Settlement has been successfully and irrevocably completed.

That explains why an e-Settlement with Linked e-Settlement, Proceeds to Settled before Lodgment proceeds past Ready and sends Settled Notifications out too!
 

0 Likes

You must be a registered user to add a comment here. If you've already registered, please log in. If you haven't registered yet, please register and log in.

  • Post a Comment
PEXA

|

Facebook Twitter LinkedIn
  • Support
  • Privacy Policy
  • Terms of Service