Working with our industry partners to bring PEXA to the market Key reference terms e-conveyancing The facilitation of electronic settlements NECDL National e-conveyancing Development Limited PEXA Property Exchange Australia MPR Model Participation Rules ELN Electronic Lodgement Network 1
Preparing you for e-conveyancing Barry Vickery National Sales Manager GlobalX Information e-conveyancing International Learning England and Wales Ontario, Canada The Netherlands Key world-wide learning's Consultation and communications with all stakeholders from the outset is essential Retaining stakeholder involvement is essential to the success of any e-conveyancing platform South Africa Australia Effective and seamless integration with all parties is pivotal New Zealand 2
What does e-conveyancing mean for business future productivity? National rolling annual number of house & unit sales Constant house and unit sales; nationally past 18 years Source: RP Data, 2012 3
Future productivity in the e-conveyancing landscape Ageing population Interest Rates Housing Productivity = x (number of property transactions) y (labour resources required) Consumer Confidence Superannuation Political Landscape How is GlobalX integrating e-conveyancing into its products and services for clients? 4
GlobalX Conveyancing Conveyancing Solution Key reference terms Subscriber You Client Your customer Client Authorisation Authority for Subscriber to represent the Client Workspace Shared environment to enable conveyancing Digital Certificate Allows for secure information transfer 5
Subscribers accessing the API will authenticate with credentials via GlobalX. Initiate Begin a property transaction Create a workspace Create client details Verify Land Title details Financial Settlement PEXA Launchpad System Integration PEXA API View View selected data Subscriber users - GlobalX Clients Document Summary Fee Schedule Financial Settlement Land Titles Notifications Participants Access Access PEXA functions using up to date PEXA functionality, accessed directly from GlobalX through Conversations deep linking into the heart of PEXA. Documents Synchronise Digital signing Synchronise selected data Financial Settlement Detail Clients Lodgement Financial Settlement Workspace Detail Land Titles Participants The PEXA API allows initiation of tasks and data synchronisation into GlobalX without re-keying Tasks information. Critical information can be displayed in GlobalX by using retrieval services. Workspace Summary PEXA Authentication Framework GlobalX is used for primary workflow. GlobalX products and services will integrate with the PEXA system to push and pull data from PEXA. Complex tasks can be accomplished UI Integration Subscriber users - GlobalX Verification of Identity for your staff and issuing of Digital Signature Certificates System Integration UI Integration Training and support through use of the PEXA system Understanding of Model Participation Rules PEXA API Desktop and Web based tools Initiate View Business Begin a property Process transaction re-engineering View selected data Create a workspace Create client details Verify Land Title details Financial Settlement PEXA Launchpad Clients Document Summary Fee Schedule Financial Settlement Land Titles Notifications Participants Tasks Workspace Summary Synchronise Synchronise selected data Hybrid Workflow Delivering both Electronic & Manual Settlements Transparent access to counter-party representatives Clients Financial Settlement Land Titles Participants Financial Settlement calendar & transaction processing PEXA Authentication Framework Access Access PEXA functions Conversations Documents Digital signing Financial Settlement Detail Lodgement Workspace Detail Reduction in data duplication, saving you time and delivering greater efficiency No physical settlement - Lodgements & Notices electronic 6
With e-conveyancing on the near horizon for Australia, the impact on settlement procedure and daily practice will be significant for property solicitors, conveyancers and legal practice managers Catherine Trengrove Minter Ellison Rudd Watts senior solicitor and senior business development counsel GlobalX e-conveyancing hub getting you ready /e-conveyancing/hub 7
Working with our industry partners to bring PEXA to the market www. g lo b a lx. c o m.a u Property Exchange Australia ~ PEXA John Zak Executive General Manager, Marketing October 2013 8
Property Exchange Australia PEXA supports the exchange of property through the ability to perform lodgements and property settlements online in a simple transaction. This includes: New Mortgages Mortgage Discharges Refinancing Settlements Caveats Notices Transfers 17 National Progress Update Electronic Conveyancing National Law has been passed in NSW, VIC, QLD and NT with the remaining states to follow shortly PEXA Release 1 launched successfully in June with Land Victoria and the Commonwealth Bank National Australia Bank joined the exchange in September and the NSW Land Registry joins in October The remaining major banks along with the Queensland and Western Australian Land Registries will be live by Q1 2014 18 9
e-conveyancing A Reality CBA became PEXA s foundation Subscriber processing its first mortgage discharge with Land Victoria on 18 June 2013 CBA and NAB are processing discharges and new mortgages through PEXA Processing times averaging 10 minutes - Workspace Creation, Instrument Preparation, Signing, Lodgment and Registration Time between lodgment and registration averaging 1 minute Refinancing begins this month 19 Example of a Transfer using PEXA 20 10
PEXA Benefits Management - Full visibility over entire workload - Work collaboratively with other offices - Decrease in cost of core conveyancing Conveyancing Clerk - Less time on phone with banks - Removes the physical constraints - Automatic error checking to ensure less failed settlements and requisitions - Visibility of the other side giving control Finance and IT - No more last minute cheque or payout changes - Centralised control of system - Electronic processing of payments - Integration with your existing software/ broker Client - Reduced cost of disbursements - Increase certainty for settlements - Greater transparency - Less paperwork to complete 21 Release Schedule Release Functional Scope Target Participants Go Live Release 1 Release 2 Standalone Discharge Standalone Mortgage Refinance Refinance Settlements Caveats and Notices Transfers Transfer Settlements Select Land Registries Select Financial Institutions All Land Registries All Financial Institutions Solicitors/Conveyancers Commenced Mid 2014 Q2 2013 Q3 2013 VIC LTO NSW LTO Q4 2013 Q1 2014 From mid 2014 QLD LTO WA LTO Practitioners 2015 TAS/SA/NT LTO Release 1 Release 2 CBA NAB ANZ Westpac Bankwest Other Banks and NBFIs 22 11
PEXA Pricing Pricing is scheduled to be released in November 2013 GlobalX Information will release their pricing to you directly There is no joining fee to become a PEXA Subscriber The platform will run on a cost-per-transaction basis All PEXA fees can be passed on as disbursements Practitioners can access PEXA through GlobalXInformation, another alignment partner or direct 23 How to subscribe to PEXA Registration begins in Quarter 2 2014 There are four main steps in becoming a subscriber that have been outlined by our regulator, ARNECC: To become a PEXA subscriber, you must sign a participation agreement. This agreement is a commitment to the Model Participation Rules outlined by ARNECC You re required to have your identity verified. A PEXA or GlobalXInformation employee will be able to do this for you as will Australia Post. This occurs concurrently with the signing of the Participation Agreement You re required to provide a copy of your practicing certificate or conveyancing licence and a copy of your fidelity and public indemnity insurance Finally, PEXA will supply you with your digital signature certificate so you can sign documents electronically through PEXA 24 12
Next Step - Expression of Interest You can register your Expression of Interest in e-conveyancing through the GlobalX Information website Those that complete the Expression of Interest form will qualify for a range of early adopter advantages including a free digital signature certificate, extensive training and more Expressions of Interest are not binding 25 Find Out More Visit www.necd.com.au Sign up for our PEXA update newsletters via our website Email us at info@necd.com.au 26 13
Question & Answer Barry Vickery National Sales Manager GlobalX Information John Zak Executive General Manager, Marketing 27 14