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Taking the “noise” out of the manual settlement process and preparing you for PEXA

Edition 6 // November 2013
Conveyancers will be excited to learn that the much anticipated upgrade of our Self-Service Booking (SSB) service is poised for release early 2014.
Replacing our current SSB system, the dramatically enhanced workflow software is designed to eradicate any opportunity for settlements to fail while also making the business of arranging settlement more efficient.
In essence, it’s about taking the angst and stress out of the period leading up to and on settlement day.
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 to compare and agree on information prior to actual settlement.
According to SAI Global Property’s Program Director, Electronic Settlements, Amanda Baker - who has been instrumental in the development and roll-out of the SSB upgrade – it is not to be confused with PEXA, nor should it be seen as a PEXA equivalent.
“Rather it’s a ‘virtual settlement table’ which will enable all participants to put their information on the table for the benefit of others and where they can view and validate each other’s information real-time – all before entering the actual settlement room.
“Here they can communicate and verify information about the property, the payout figures, settlement balances and payment directions, dramatically increasing the probability for matters to settle first time every time.”
The newly upgraded workflow tool will also enable 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.
Says Amanda: “For conveyancers being able to book online removes the frustrations, delays and the time-consuming nature of the current manual settlement process - the constant back-and-forth if banks don’t advise what’s needed on settlement day and the avalanche of phone calls to determine if all parties are ready to settle.
“It also means that conveyancers can respond quickly and easily on the morning of settlement and can at the drop of a hat, 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 the PEXA platform, providing our users with a highly integrated workflow solution.
If you are already using Conveyancing Manager, the information from our software applications will automatically prepopulate settlement matters in the virtual workspace, eliminating unnecessary re-keying of data.
Integration will also provide the potential for settlements to be arranged from every conveyancers’ ‘desktop’ and will remove the need to log into numerous platforms and systems to complete the settlement arrangement. SAI Global Property will provide a one stop shop.
A critical benefit of the new SSB tool is 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.
Says Amanda: “By the time it comes to completing the full-blown electronic conveyance via PEXA (which is scheduled for mid to late 2014), conveyancers will already be comfortable with working in this new environment.
“From our perspective, better many small steps than conveyancers suddenly having to adapt to a whole new system when it comes along.”
However, she says for those who opt never to embrace e-Conveyancing, the enhanced SSB's virtual settlement room will be the ideal forum for resolving problems early online while still completing a settlement manually.
SAI Global Property is now calling on conveyancers, eager to embark on their journey to an e-Conveyancing future, to help us pilot this exciting new enhanced SSB software. To become part of our BETA testing program, you are invited to contact Tammy Begley on 03 9278 1552 and speak to one of our consultants.

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