Further to this chain, and just to clarify, PEXA is able to see the source of funds deposited into the PEXA Source Account. This means that if settlement does not proceed and funds need to be returned to the depositor, PEXA is able to determine the account to which the funds are to be returned.
This is different from the scenario where funds are not received in the PEXA Source Account (e.g. because incorrect account details were entered). In this scenario, PEXA is not able to initiate a trace of the funds. The depositor would need to do that with their bank.
Lastly, the PEXA Source Account Deposit Form can now be downloaded from your workspace. Click on the action wheel of the line item created and you can then download the form on the spot. You no longer need to wait for an email until the end of the day.
... View more
PEXA is not able initiate a trace on funds as mentioned.
How PEXA identifies and allocates funds in the PEXA Source Account is via account particulars and workspace references, which are unique to each workspace.
That is why it is important that no other reference, such as "house funds" or "customers name" or "property address" isn't the reference - only what is provided on the Source Account Deposit Form. If funds do need to be returned, the process is therefore quite simple in this regard.
Times are AEST (Melbourne) - good pickup.
... View more
Please note that the below information is critical to the success of your workspace when using the PEXA Source Account.
The BSB is unique to PEXA.
On occasion, a financial institution may advise that the BSB is not a valid. Always complete the deposit with the BSB and deposit reference provided in the form. The BSB is valid and visible via APCA and can be found here.
All banks can input alpha-numeric references.
The PEXA Source Account does not accept cash or cheques – it is a purely electronic account.
EFT, Telegraphic Transfers (TTs) or Real Time Gross Transfers (RTGSs) or International Money Transfers (IMTs) can be used to make the deposit.
The PEXA Source Account receives funds 3 times a day - 10.30am, 1.30pm and 4.30pm only, and at no other times, including overnight.
This may mean that your TT / RTGS / IMT may not be available for settlement in the PEXA Source Account within 4 hours. We continue to request depositing 3 business days earlier regardless of method of payment.
PEXA does not control how fast payments are received into the PEXA Source Account. PEXA cannot initiate a trace on funds that have not arrived into the PEXA Source Account within an expected time; the remitter is able to commence an investigation by contacting the financial institution used to make the deposit.
The Deposit Reference must be included in the transaction description to enable PEXA to verify availability of funds.
PEXA does not update the source line item to reflect what has been deposited on for your transaction. It is the responsibility of the subscriber to update the Source Line item to reflect the amount total deposited. Note: If a generic amount, for example, $1.00 was entered to populate the PEXA Source Account Deposit Form, this will need to be updated to the actual amount deposited.
There is no running tally of funds held if multiple amounts are deposited into the PEXA Source Account.
Funds must be cleared and available in the PEXA Source Account no less than 3 business days prior to scheduled settlement.
There is no need to send PEXA the deposit receipt, as we do not require this. However, you must retain evidence of the transfer, as it may be required if ultimately your transaction does not proceed, and you seek a return of funds.
You may transfer funds on behalf of your client to the PEXA Source Account from a trust account that is not eligible for PEXA use.
If settlement does not proceed and funds need to be returned, funds can only be returned to the account from which they were transferred (refer to Section 2.4 of the PEXA Service Charter.)
... View more