PEXA (Property Exchange Australia) has been welcomed enthusiastically onto the property scene with the countrys major banks, state governments, and other organisations all pledging support. It is the first electronic conveyancing system of its kind in the world and provides a secure platform for transactions between land registries, banks and financial institutions, property lawyers, and conveyancers. PEXA is taking the process of electronic lodgement and financial settlement in a new direction as it collaborates with all the key players in the property transaction to ensure a successful outcome. It is similar to the ASX in that it removes the manual processes and paperwork associated with the exchange of property. In short, with the introduction of PEXA, property transactions can now occur online.
In the past, each state government had a different e-conveyancing method, which the nationalised banking sector found hard to navigate despite the fact they were involved with more than 90 per cent of all dealings. So, in the late 2000s, the Australian Bankers Association, in conjunction with the Law Council of Australia, approached the federal government to put the issue of e-conveyancing onto the national COAG agenda. PEXA was then conceived in 2010 and Alan Cameron AO was appointed as chairman, while Marcus Price was recruited as foundation CEO. PEXA is a privately owned company with several shareholders: the Victorian, New South Wales, Queensland, and Western Australian governments, Australias four largest banks, as well as Macquarie Capital, Little Group, and Link Group.