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Setting the standard for e-Conveyancing

Rather than just a small slice of the electronic settlements’ pie, Australia’s premier provider of property settlement services, SAI Global Property, is providing its banking and conveyancing customers with all they will need to complete a settlement online.
 
Says SAI Global Property’s Program Director, Electronic Settlements, Amanda Baker: “We’re giving them a highly integrated solution that includes all the software and systems they will require to transact successfully online - the ability to manage due diligence activities, centralise settlement activity, track and monitor the progress of matters and secure direct access to the PEXA platform.
 
“We’re also bringing together all participants in the property transaction process - outgoing and incoming mortgagees and buyer and seller representative conveyancers - providing them with the opportunity to manage issues and problems prior to settlement, effectively bringing to an end what at times has been a difficult and fractious relationship.
 
“Most importantly, because we’ll be retaining our existing and highly tuned manual settlements infrastructure, our clients will still have the option of performing transactions manually.In essence, we’re giving them all they need now and well into the future.”
 
Ms Baker attributes much of the company’s success in developing its state of the art online solution to the lessons learned and knowledge acquired while overhauling its manual settlements.
 
“This work involved mapping and defining business processes, paying particular attention to customer ‘touch points’, then building metrics around those processes and introducing quality management systems to track defects and take remedial actions where necessary.”
 
She says this attention to detail paid off. “Within its first year of operating under the SAI Global Property banner, the company’ settlement operations achieved ISO 9001 accreditation, the net result of these improvements being a dramatic reduction in failed settlements.”
 
Ms Baker says the key learning from this exercise was that great processes prior to settlement are crucial to a successful settlement outcome.
 
Embarked on in 2011, SAI Global Property’s online solution is scheduled for completion within the first half of 2014.
 
The solution comprises:
 
·         Settlement Manager. A bank matter management and online ordering tool, the software is currently being rolled out to banks across the country. The software provides banks and financial institutions with an end-to-end settlement workflow, enabling them to centralise their settlement activity and track the status of matters as they move through to completion. The software also provides banks with seamless integration with Search Manager, Conveyancing Directory (a register of the names and email contact details of conveyancers and conveyancing solicitors Australia-wide) as well as access to Settlement Room and the PEXA platform.
·         Conveyancing Manager. An end to end conveyancing matter management workflow tool for conveyancers, this software is being upgraded to interface with Settlement Room and will link conveyancers with financial institutions so that details can be easily verified and information shared prior to settlement.
·         Search Manager. The information broking platform affords banks a complete picture of the individual or business seeking a mortgage – the status of the property and its potential owners and whether or not there is a risk associated with extending a loan. It enables users to conduct certificate of title (land title and title deed), individual, business and commercial information searches as well as diligence, credit and insolvency checks.
·         Conveyancing Directory. A first of its kind register of conveyancers and solicitors involved in property settlements across Australia, it provides users with a convenient single location for updating their email contact details, ensuring that settlement invitations and other bank notifications - such as self-service booking (SSB) keys - are sent to conveyancers’ email addresses, enabling settlement bookings to be managed online.
·         Settlement Room. A major upgrade of the existing Self-Service Booking (SSB) service, it will provide all parties in a settlement with a virtual meeting or “transaction” workspace where they can gather online to share, compare and agree on information prior to actual settlement. Set to go live in June 2014, the software will also provide users with direct access to PEXA.
 
Ms Baker says SAI Global Property has also been careful to align its software and services launches around the delivery stages of PEXA while at the same time accommodating the differing technological capabilities of its clients.
 
This has resulted in the company being one of only four suppliers invited to be a sponsor of Property Exchange Australia (PEXA) which is due to go live with Release 2 in September 2014.
 

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