There is now a secure way to transmit bank account details that offers a safer alternative to communication channels such as email. Emails have the risk of being intercepted by a third party and funds are then subsequently directed to the incorrect account. It is an issue that unfortunately will not go away anytime soon and to eliminate the risk to firms and their clients, there has been investment made to develop PEXA Key.
PEXA Key allows practitioners and conveyancers to send trust or source account details to clients, and/or request client bank account details for surplus funds via the PEXA workspace, removing the need to use emails for this task. When account details are received from the client using PEXA Key, they will populate directly into the workspace without the practitioner needing to re-key this information. This removes the risk of data entry error by the practitioner.
PEXA Key also allows clients to track their settlement and have access to basic information such as date, time, address, your firm's details and "what to expect" articles that explains frequently asked questions about the settlement process. Clients DO NOT have access to the workspace or see any documents, figures in the financial settlement schedule, conversations etc. This is a common misunderstanding that has been raised by firms, so it is important to understand that PEXA Key will only provide limited information to buyers and sellers.
If there is no need to communicate bank account information for a matter, clients can still be invited to use PEXA Key to see when their property is settling, once it starts to settle and when it has completed. So, this means all clients can benefit from using PEXA Key irrespective of whether bank account details need to be exchanged. For those buyers and sellers who are fans of social media, there is also an option to post the "settlement completed" notification onto social platforms to share their excitement with friends and family.
Clients will download the PEXA Key app exclusively from the App Store or Google Play, whilst firms will manage everything from their workspace. To reiterate, firms DO NOT need to download the app, everything is managed from the existing workspace via a few buttons. Buyers and sellers can contact PEXA Support should they require assistance with downloading and activating the app.
To see screenshots of what clients will see on the PEXA Key app, access further information about using PEXA Key or to download the help card, visit https://community.pexa.com.au/t5/Help-Centre/Introducing-PEXA-Key/ba-p/17263
Best thing is PEXA Key is free to download and activate, and there is a "Secure Communication Guarantee". Details can be found at https://www.pexa.com.au/pexa-key-secure-communication-guarantee
PEXA Key is essential in the fight against email fraud!
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