What is PEXA Key?
PEXA Key is the new settlement app for buyers and sellers.
The app offers your clients high-level settlement tracking. But more importantly, a secure way for your clients to provide their bank account details and view your trust account or PEXA source account details that you have shared with them.
What does PEXA Key do?
A secure way for your clients to provide bank account details for surplus funds
A secure way for you to share your trust (or PEXA registered source account if applicable) with your client. Avoiding the need for email to transmit important banking details
Provide high level settlement tracking up to settlement completion including such things as a countdown to settlement time and notifications of when the property has been settled
Answers to frequently asked questions and high level articles in relation to ‘what to expect’ during settlement
What doesn’t PEXA Key do?
It doesn’t display specific details from your workspace
It doesn’t display status of documents, or the overall status of the workspace
It doesn’t display financial information
It doesn’t push too many details to a client, but keeps them updated on the settlement date and their pending settlement
It doesn’t share documents
Website
For more details and links to App store and Google play stores, head to: https://key.pexa.com.au/
(Pilot note: PEXA Key is currently in pilot with a small group of interested members. Based on feedback, we will continue to enhance before releasing to the wider group. When switched on, PEXA Key will replace SettleMe, and include additional features and enhancements based on your feedback.)
Invite Your Clients to PEXA Key
In PEXA Exchange, first ensure you create a new party record for your client (or edit an existing Party record) via the Participants Screen. NOTE: If you wish to transition a client from SettleMe to PEXA Key, you must first Withdraw representation of the Party record and then Edit the Party record.
With the Party screen open, ensure “I represent this party” is selected and add the party details.
Select the checkbox alongside - “Send my client an email and SMS on my behalf inviting them to monitor their settlement and securely send account details through PEXA Key”.
Enter their mobile phone number.
Enter their email address.
Click Save.
PEXA will automatically send your client an email and SMS inviting them to PEXA Key on your behalf.
IMPORTANT NOTE: Ensure the mobile number and email address details are correct. You won’t be able to update this information after saving (for security reasons).
NOTE: PEXA Key is only available for Parties who are set up as individuals (i.e. not in a company name).
Request Bank Account details with PEXA Key
First, invite your client to PEXA Key .
Then, navigate to Financial Settlement screen.
Navigate to the Adjustments and Payments tab and scroll down to Payment Directions. Click on Request Account Details.
Request Account Details screen will show the following:
4a. Select the name of your PEXA Key client from the list. 4b. Enter the Amount to be deposited to your clients account at settlement. The amount can be edited later if required. 4c. Enter a Transaction description. This is a description that your client will see in the PEXA Key app and will help identify the request for funds. For instance, Sale11Cairnes. 4d. Click Save.
PEXA will automatically send your client a notification via the PEXA Key app, asking them to complete their bank account details.
NOTE: The request will remain open until your client completes their Bank Account details.
Once the details are submitted by your client, the line item is automatically updated with their Account details.
Click Action cog and select Create to move the line item to your destinations, ready for settlement.
NOTE: The line item can be edited at any time leading up to your settlement.
Send Trust Account Details with PEXA Key
First, invite your client to PEXA Key via the Participants page.
Navigate to Financial Settlement screen
Select the Source funds tab.
Click the Send Trust Account Details button in the Provide Account Details section.
Send Trust Account Details screen is displayed.
PEXA Key Client: Select the client you want to send your trust account information using PEXA Key.
Source Account: Select the trust account you want to send to your client. The details of the account, including BSB, Account number and Financial Institution are then displayed.
Amount: Enter the exact amount you want your client to deposit into your trust account.
Transaction Description: This is the reference that is displayed in PEXA Key and will be entered by your client when making their deposit into your trust account (For example, 11 Cairnes Sale).
Click Send.
What your client will see
Your client will receive a push notification on their phone, and will have a new task in the PEXA Key app.
After opening the app, your client will see the task titled Funds requested for settlement.
Your client will:
Select the View button.
Read a brief description of what is required and select View account details.
Review the amount requested, and the trust account details.
Use these details to transfer the requested amount to the Trust account.
Completing the Transfer
To indicate that the transfer has been completed, your client will:
Select the toggle to acknowledge the statement “Transfers must be made at least 3 business days before settlement”
Select Transfer done.
Completed tasks
Once completed, your client can return to the app and to view the details of the completed task at any time.
Send PEXA Source Account Details with PEXA Key
First, invite your client to PEXA Key via the Participants page.
Then, navigate to Financial Settlement screen and click into the Sources tab.
Click the Add Source button.
Complete the Source line item, selecting PEXA Source Account.
Under the PEXA Key Banner, select the Send my client account details through PEXA Key.
PEXA Key Client: Select the client you want to send the PEXA Source account information using PEXA Key.
Click Save.
Once saved, the Sources tab will show the details that have been sent to your client in the Provide Account Details
What Your Client Will See
Your client will receive a push notification on their phone, and will have a new task in the PEXA Key app.
After opening the app, your client will see the task titled Funds requested for settlement.
Your client will:
Select the View button.
Read a brief description of what is required and select View account details.
Review the amount requested, and the PEXA Source Account details on the screen
Use these details to transfer the requested amount to the PEXA Source Account.
Completing the Transfer
To indicate that the transfer has been completed, your client will:
Select the toggle to acknowledge the statement “Only electronic transfers are allowed, no later than 3 business days before settlement”
Select the Learn more option to display details about the PEXA Source Account and the requirements when depositing to this account.
Select Transfer done.
Completed tasks
Once completed, your client can return to the app and to view the details of the completed task at any time.
My Client’s view of PEXA Key
Invitation
Following your selection on the Party screen, an email is sent explaining PEXA Key. An SMS is also sent with a direct link to the correct app store for your client’s phone.
NOTE: Both the email and the SMS clearly display your Subscriber name.
Activation
Following an email and SMS invite, your client can install the PEXA Key app via either Apple store or Google play.
To activate their account, your client can follow a few simple steps:
Enter email address and mobile number
We’ll send an activation code for them to confirm
Enter a password
Enter quick access PIN
Confirm the address of the property they are either buying or selling
Property Lists
If your client is transacting on multiple properties, for instance they are buying in one workspace and selling in another, they will be able to monitor these multiple properties in PEXA Key.
Property Page
Following activation of their account, your client will see a Property landing page.
The Property landing page displays:
The settlement date and time
Any outstanding or completed tasks
The Subscriber’s name and ability to contact their representative via the phone number stored against the Subscriber’s account
Bank Account request
Initiating a bank account request in a PEXA workspace sends your client a notification.
Selecting the notification takes them to the Property screen in PEXA Key.
The outstanding task asks for bank account details to receive surplus funds.
The client is asked to enter the bank account details, including Account name, BSB and Account number. The confirm screen helps ensure they have entered the correct details.
Note: The client cannot edit the account details once they have been submitted. They can only be updated via the Financial Settlement/ Destination screen in the PEXA Workspace if so required.
What to expect articles
The PEXA Key app includes What to expect articles. These articles provide answers to frequently asked questions and include high-level overviews of milestones and important terms involved in the settlement process.
What to expect - Preparing for settlement
How does settlement work?
How is my bank involved in settlement?
How does stamp duty work?
What happens with the buyer’s deposit?
How is ownership transferred?
What do I need to know about insurance?
What to expect - Final Checks
What happens at the final inspection?
How are funds transferred?
What is the statement of adjustments?
It’s an investment property, what do I need to do?
What to expect - Settlement day
What happens on settlement day?
What happens if my settlement is delayed?
What happens when the property settles?
Note: The articles do not include any specifics about your client’s transaction.
Settlement Count down
Closer to settlement, the PEXA Key app counts down towards your client’s big day.
Your clients receive simple updates:
one week out from settlement
on the day of settlement day
once settlement has started
once the property has settled
Settlement delays
If for some reason, the workspace is not ready at settlement, the settlement time will rollover to the next 30 min timeslot. If your client is watching settlement in the PEXA Key app, they will see the time change. They can also review the “What happens if it is delayed?” article.
Note: If your client does not have the PEXA Key app open, we will not send a push notification for settlement rollovers. Buyers and sellers can stay informed via the Property landing page, which displays the most up-to-date settlement date and time.
Once the workspace moves to the next settlement time, and is ready, settlement will start. The PEXA Key app then sends a notification and the Property screen moves to Settlement started.
What about SettleMe?
If you are included in our pilot, and PEXA Key is switched on for you, the PEXA Key option replaces the SettleMe option on the Party screen.
If you have been using SettleMe and have some clients that are already on and using SettleMe, they are not impacted. However, any new clients you wish to invite will be invited to PEXA Key. This is to help avoid any confusion for your clients.
Eventually, PEXA Key will completely replace SettleMe, once we've gathered feedback as part of our pilot and responded with new enhancements.
How do I send feedback?
Please send all comments and feedback to feedback.key@pexa.com.au
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