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Settlement Room: online pre-settlement meeting space

Reducing the incidence of settlement failure


A major upgrade or our existing Self-Service Booking (SSB) service, Settlement Room is designed to eradicate any opportunity for settlements to fail while also making the business of arranging settlement more efficient.
A critical feature of our new software has been the creation of a virtual meeting or “transaction” workspace where all parties in a settlement (outgoing and incoming mortgagees and buyer and seller representatives) can gather online to share, compare and agree on information prior to actual settlement.

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Here parties can communicate in real time and verify information about the property, the payout figures, settlement balances and payment directions, dramatically increasing the probability for matters to settle first time.

Settlement Room  
enables all participants in a transaction to book the date, time and location of each settlement transaction online, providing all parties with real time visibility of the status of a booking.
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. 
The new SSB enhancement will also be integrated with Conveyancing Manager (our conveyancing workflow tool), Settlement Manager (our online settlement portal for banks), and Search Manager (our searching platform), providing all parties in the settlement with a highly integrated space to collaborate in.
If you are already using Conveyancing Manager, information from this application will automatically prepopulate settlement matters in Settlement Room, eliminating unnecessary re-keying of data.
Integration will also provide the potential for settlements to be arranged from conveyancers’ ‘desktops’, removing the need to log into numerous platforms and systems to complete the settlement arrangement.
A critical benefit of Settlement Room that it will help prepare conveyancers for the transition to an e-Conveyancing environment and get them used to managing part of the settlement process online.
However, for those who opt never to embrace e-Conveyancing, Settlement Room will be the ideal forum for resolving problems early online while still completing a settlement manually.
For more information about how we can help, call our Helpdesk on 1300 730 000 or complete our contact us form and we will contact you.

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