DMc Community Superuser
Community Superuser

Non-integrated Trust Account Banks

Since using the 'source account' is not very efficient nor practical.

  • IE unable to bring Seller funds, unable to check/reconcile/balance :-what happens if customer deposits direct and amount/account is off by one digit?
  • clawing back funds for complete a manual settlement means the source will only be refunded to the depositing party. They then might need to transfer back to your trust account... potential 6 business days delay. where the standard O&A merely allows for 3 business days grace.

So am hoping there might be a list of Banks that either do/don't have the PEXA trust account integration in place, in case a practitioner was considering changing their Bank Trust account.

Make every day count, keep smiling! Smiley Very Happy
DMc Community Superuser
Community Superuser

Re: Non-integrated Trust Account Banks

OK I'll start it off;

Bankwest not integrated -at this moment.  Informed trial testing nearly/completed for a roll-out soon...

Make every day count, keep smiling! Smiley Very Happy
MatthewGillet Star Employee
Star Employee

Re: Non-integrated Trust Account Banks

Afternoon @DMc

 

In addition to BankWest, below is the list of PEXA ready Trust Accounts:

 

  • ANZ
  • Bank of Melbourne
  • BankSA
  • Bendigo and Adelaide Bank
  • Commonwealth Bank
  • Macquarie Bank
  • National Australia Bank
  • St. George
  • Westpac

Thanks for getting in touch.

 

Matt

DMc Community Superuser
Community Superuser

Re: Non-integrated Trust Account Banks

Was able to get onboard the Bankwest-PEXA integrated trust pilot, and thought I'd share my initial experience, in case anyone else has the same queries. Smiley Happy
After verifying my source line item of customers funds in my Trust,  the morning of Settlement arrives. 

Nearly had a coronary; when I saw that the Available Balance (AB) funds in my trust account were reduced while on completing my trust bank reconciliation statement.  
Would prefer to see some confirmation on my trust account to confirm the AB amount had been reserved for pending PEXA settlement, Have sent my feedback (suggesting this) to my bank, fingers crossed they take it onboard!
😗

After sorting out additional trust signatory setup, Trust is two (2) to sign, claimed been done but not thoroughly tested... Smiley Wink

Then waiting over 34mins past Settlement Ready-Ready locked & seemingly stuck in 'settling' stage, with NO change in History or Notifications since the last Title Activity Check - rang PEXA support.

Apparently, PEXA support coordinator needs to make a call (when dealing with PEXA integrated BANKWEST trust source funds) to progress past the settling stage... Then the rest seemed to progress much more normal.  

Am now, couple hours after e-settlement, waiting for the PEXA source funds to show as withdrawn from my trust.

Update - it appears the AB funds have been deducted again (seemingly once by PEXA morning 'verifying' with the bank that the source line item is available, then again with actual trust balance deduction of PEXA Settlement funds leaving my trust account. - Am assured that the initial reservation of AB PEXA source funds will only drop off over night, and would not affect any trust cheque presented in the normal fashion, but could potentially prevent any other manual Bank Cheque request against the trust made during that double up time.

So you may need to ensure that your manual Bank Cheques are collected before the PEXA source actually gets deducted. At least till the new payment system is up and running. Smiley Wink

 

Cheers Bankwest & PEXA, Hopefully, many more to go! Smiley Very Happy

Make every day count, keep smiling! Smiley Very Happy
Morri Community Superuser
Community Superuser

Re: Non-integrated Trust Account Banks

Thanks for the post and for the chat on the phone Damien.

Appreciate the feedback.

 

DMc Community Superuser
Community Superuser

Re: Non-integrated Trust Account Banks

Hey @Morri.

Hope this finds you well!

 

Just wondering if ALL WA Bankwest practitioners (at least Bankwest Settlement Agent customers) now have access to PEXA integrated trust?

 

Also wondering if Businesses can join the New Payment Platform (NPP) or payID/osko etc platform? this would be super handy for Settlement Agents to be able to use! 

 

Happy for pilot testing if/when available! Smiley Very Happy

 

Make every day count, keep smiling! Smiley Very Happy
Morri Community Superuser
Community Superuser

Re: Non-integrated Trust Account Banks

Hi @DMc

Yes, Bankwest trust accounts are now openly available for registration in PEXA and the majority of trust account holders have now been registered.

 

I will reach out to the NPP team and pass on your details should they need a pilot business. We are already working with the NPP teams to leverage the new infrastructure for all our PEXA payments which will improve the overall payment experience. Will keep you in mind should we need testing for this as well.

 

Regards

Dave