'We will live and die by the integrity of the system': PEXA

The new e-conveyancing platform, PEXA, stands to bring gains to practitioners but first it must prove itself as a trusted service, according to its general manager.

Felicity Nelson • 27 October 2015 • NewLaw

Speaking at the Sydney PEXA-Ready Workshop on 21 October, the service's general manager practitioner services Matthew Gillet (pictured) acknowledged the concerns of lawyers around new technologies such as PEXA.

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Property Exchange Australia (PEXA) is Australia’s first national digital platform for buying and selling property.

“A lot of the questions that I've received in my time are about integrity of the system and confidence in the system,” said Mr Gillet.

“This is a business of confidence. If you got back to your office today and got an email appearing about a failed settlement, I would guarantee you no one in this room would go on and sign up on a transaction.

“We will live and die by the integrity of the performance of the system. And we will never do anything to ever compromise that.”

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He continued: “Change is hard. We need to be a trusted brand and a trusted platform otherwise I wouldn't be advocating for you to use it.”

Mr Gillet answered queries from the audience on a range of issues including user difficulties, cost concerns and money laundering.

"I think it is very clear that cost has come up a few times in this discussion alone,” he said. “We need to do a better job at articulating what you do pay for and what you don't need to pay for.”

Mr Gillet argued that digital transactions are better for clients as they drastically cut down waiting times.

“Your job is to act on the best interests of the client and, if you can ensure that the client owns the property within five minutes […] doing it digitally is [best],” he said.

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Daniel Friday, 27 November 2015

Rob â€“ Clearly, GlobalXâ€™s CEO doesnâ€™t agree with your characterisation of his software integration with PEXA as the â€˜first nationalâ€™ achievement by a sponsor. Noâ€¦he claims itâ€™s â€˜world-firstâ€™. Perhaps this is what happens when hype feeds egos in times of network impotency.

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Rob Thursday, 19 November 2015

The GlobalX home page website now includes a reference to Integration Options. It includes a high-level marketing diagram and text description outlining how GlobalX integration is available for 2,000+ products. What it doesn't say is whether it is available to PEXA users today. Is this an invitation to treat? It is not accompanied by any news release from either GlobalX or PEXA which is surprising because it would be the FIRST such national 'sponsor-to-PEXA' integration. Neither PEXA or GlobalX are shy in using the press for self-promotion, so perhaps one or both of these parties could provide more details. Thanks.

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Peter Cabrera Friday, 13 November 2015

Hopefully that PEXA software actually provides the security to the buyers and sellers.

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Daniel Tuesday, 10 November 2015

Tim - Thank goodness for the support of the Australian federal and state governments, the banks and other financial institutions, the RBA and Macquarie. Maybe PEXA thought these stakeholders would underwrite the risk inherent in electronic conveyancing? Perhaps they have, but last week, PEXA announced a contract with Stewart Title Limited for risk underwriting - a milestone event occurring 18 months after the Victorian market launch by PEXA. Perhaps PEXA may soon increase electronic property transaction fees to offset these new Stewart Title premiums.

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Rob Monday, 09 November 2015

Thanks, however the point is the 'other party' will not be able to transact via their current practice software system with an 'end-to-end' transaction capability; they can transact directly via PEXA but will need to duplicate the property data entry details into their non-GlobalX practice software.

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Edwin Diaz Monday, 09 November 2015

Thanks for your response and to correct you on your point.The beautiful thing about the PEXA integration with GlobalX is that if the GlobalX client reaches out to the other party, there is no requirement for them to also be a GlobalX client.

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tim Friday, 06 November 2015

Not so sure. PEXA has the support of Australian federal and state governments, the banks and other financial institutions, the RBA. It has the financial backing of Macquarie, an institution known for investing in future growth businesses at an early stage. It will reduce cheque processing in Australia and costs associated therewith. Information will increasingly flow through information brokers systems to PEXA to minimise data entry. All of this information is in the public domain. Stephanie makes some good points.

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Rob Sunday, 01 November 2015

I'd be cautious Edwin on promising future release dates for PEXA platform integration as PEXA's previous forecasts (on behalf of all sponsors) have slipped at least three times. It is good to know GlobalX is so close to a launch...will it apply to all PEXA property transaction types, all current participating states,and all GlobalX practitioner platforms? BTW, if your competitors can't match your release date, the GlobalX practitioners will be limited to transacting with other GlobalX customers for 4-party transactions. This may be beneficial for GlobalX but how many conveyancing practices will transfer their investments (financial, back-office processes, training) in SAI Global, InfoTrack or VEDA to a GlobalX solution for this new PEXA integration feature alone? I believe the practitioner community will prefer to understand details of your launch announcement, in a fully transparent way, from the GlobalX and PEXA websites this coming week rather than by a private phone call. Let's hope GlobalX's announcement will be matched by other sponsors. Thanks Edwin.

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Edwin Diaz Thursday, 29 October 2015

Rob, thanks for your input. On your point about sponsors and technology integration, GlobalX Legal Solutions has been the most active PEXA Sponsor in the market. In fact, in about three weeks, we will be the first to launch integration with PEXA to our clients and through our partners. If you want to know more, please call me directly on (07) 3031 3149. More than happy to explain the benefits of PEXA and how you can become more efficient partnering with us,

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Giantsquid Thursday, 29 October 2015

It sounded like a good idea at the time. Fair chance this investment will be written off in a couple of years. 

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