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PEXA News 5 May 2015

Why should I have a "sponsor" to use PEXA

This was a question raised by a conveyancer at a recent AIC National Conference and one we felt many of our clients may well be asking.
Wouldn’t it be more cost effective to simply go direct to PEXA and give a sponsor like SAI Global Property a wide berth?
The answer is, it would not. Regardless of whether you go via us or direct to PEXA, the transaction costs are exactly the same ($95 per transfer document). However, the benefits to be derived from using us as a sponsor like us is incalculable, says Amanda Baker, SAI Global Property Strategic Relationship Executive.
“There is much more to using PEXA than simply signing up; there is all the back office change and the considerable challenges that come with transacting in a manual and electronic environment.
“In response to this, SAI Global Property has developed a comprehensive and far-reaching framework of assistance for our clients. Not only are we guiding and educating them about the onboarding process and laying out the practical steps to using PEXA but most importantly, we’re helping them set up the most appropriate systems and processes for their businesses, assuring their compliance with ARNECC regulations and making certain their staff are not at risk of breaching these requirements.
“Basically we’re setting up our clients for the long-term, ensuring they are well prepared for the new world of electronic conveyancing that lies ahead of them.”
Assistance with onboarding (signing-up to PEXA). Here our role is to educate our clients, providing them with the necessary literature, webinars, training and support to manage the process - the steps they will need to take and all the documents they will be required to complete the process. In some instances we have even gone as far physically assisting clients with the initial stages of onboarding, checking their eligibility and doing on the spot Verification of Identity (VOI).
Ongoing VOI service.To ensure all our customers undergo mandatory VOI as required under ARNECC rules, all SAI Global Property account managers (should they be using us as a sponsor) will be available to manage this process for our customers. Where customers are unable to meet with us to have your identity verified, third party providers, such as ZipID or Australia Post will be on hand to assist in this regard.
Immediate and continued support. TheSAI Global Propertyhelpdesk is the first line of support if customers have problems with PEXA – be it issues related to onboarding, understanding PEXA, settlement transactions or clarification on general questions. Where we can’t help, we will immediately transfer them across to the PEXA helpdesk for next level support. Ultimately our aim is assist our clients in every way possible to adapt to the requirements of electronic conveyancing.
Access to Settlement Room.  This first of its kind platform provides all parties in a settlement with a virtual meeting room to gather online to share, compare and agree on information prior to actual settlement – regardless of whether the settlement will be managed manually or electronically.It also allows conveyancers to respond quickly and easily on the morning of settlement and to arrange cheque directions, get cheques sorted and confirm that settlement can go ahead. It is also a place where participants in a settlement can book the date, time and location of each transaction online and have real time visibility of the status of the booking.
Assistance with business policies and processes. As a standards and compliance business that manages risk as well as settlements, it is incumbent on SAI Global Property to play a role in helping our conveyancing and legal clients understand their compliance obligations while also demystifying and clarifying new policies, systems and processes. For example, because it is a requirement by ARNECC that practitioners take “reasonable measures” to identify the customers they are acting on behalf of, we are helping these businesses with the way forward, providing them with options for new policies and the associated processes required to complete a customer VOI
Says Amanda: “As a sponsor, we’re not just providing our customers with a ‘link’ to PEXA and wishing them good luck; we’re with them every step of the way, guiding and helping them with their business challenges and ensuring their experience with the world of electronic conveyancing is a positive and rewarding one.”

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