What is PEXA and how does it work?
PEXA allows you to schedule a settlement date much earlier than you otherwise would in the traditional process. Whoever creates the Workspace will propose a settlement date and time, which can be accepted by the other participants once they are invited into the Workspace.
What is a PEXA payment?
PEXA is an acronym for Property Exchange Australia. The PEXA platform allows settlement to occur in a digital workspace. In order to complete financial settlements, PEXA electronically sends instructions to financial institutions involved within the transaction. So no more Cheques and running out required by clients.
Who is PEXA owned by?
General Public Ownership. The general public, who are usually individual investors, hold a 19% stake in PEXA Group. This size of ownership, while considerable, may not be enough to change company policy if the decision is not in sync with other large shareholders.
How do I get access to PEXA?
A PEXA settlement is usually initiated by a purchaser's legal representative, but it can also be initiated by a vendor's representative. Other parties to the transaction are then 'invited' into the workspace by other parties who already have access to the workspace.