P&N Bank achieves settlement milestone

The Western Australia-based bank has successfully completed more than 100 online property transactions using PEXA – an e-conveyancing network that allows properties to be exchanged securely without the need to use cheques and attend settlements in person, with final funds settled through the Reserve Bank of Australia.

P&N’s chief operating officer, Selina Duncalf, said PEXA is helping the bank provide digital settlements while saving time for staff and P&N members.

“Previously our settlement process involved a lot of shoe leather with staff having to regularly attend the land titles office, as well as considerable amounts of time spent waiting on the phone to book settlements,” she said.

“Going digital means quicker and more efficient work practices, bringing a reduced risk of delays and fewer cancelled or delayed property settlements.

“Our team are enjoying improved operational efficiency by communicating online within the PEXA platform and, as we take more transactions online, there will be less cheques, less need to physically attend settlements and greater member satisfaction.

“As an early adopter of the PEXA platform, we couldn’t be more pleased with the efficiency and improved member experience it has delivered.”

[Related: Another state gains access to PEXA]