WITH PEXA receiving approval by the ACT registrar-general, the first digital conveyancing transaction will take place in the country’s capital by years end.
The ACT Registrar-General has given approval for the digital settlements company to operate as an Electronic Lodgement Network Operator (ELNO) across the territory, following the passing of 2020 legislation allowing for online settlements by the ACT Government.
“We are delighted to bring the security and efficiencies of a digital property settlement platform to ACT home buyers and sellers, and hope to have the first ‘live’ transaction go through the PEXA Exchange by the end of 2021,” said Glenn King, group CEO of PEXA.
The approval brings Australia closer to having a nationally consistent electronic conveyancing solution, with 8.1 million transactions having already taken place since 2014 through PEXA.
“This is an exciting milestone for the industry, made possible by exceptional collaboration between the ACT Government, the broader property sector and financial institutions,” said King.
According to PEXA, 80% of all property transfer settlements in Australia are already processed digitally, with this number only set to climb with this move.
PEXA intends to work with the ACT Government, financial institutions and legal practitioners through the roll out of the process and testing phases before digital transactions are available to consumers.
Having only been listed for two months at the time of posting its FY21, the settlements platform was confident it would reach its prospectus forecast for FY22, while still posting a statutory net loss after tax of $11.8 million, which was 20% greater than the prospective forecast of $9.8 million.
While in April the company made a move towards global expansion, signing on ThoughtWorks as a global platform partner.
