Powered by MOMENTUM MEDIA
subscribe to our newsletter
P&N Bank achieves settlement milestone

P&N Bank achieves settlement milestone

P&N Bank has credited an online platform for increasing its efficiency in property settlements and achieving a significant digital banking 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]

P&N Bank achieves settlement milestone
mortgagebusiness

Latest News

Introducing regulatory transcriptions on the application of default interest would “impede the flexibility” that “needs to be exercise...

A newly merged financial services entity has announced the appointment of Commonwealth Bank’s current general manager of business product ...

The prudential regulator has announced that its “enforcement strategy and infrastructure” will be reviewed by its recently appointed sec...

FROM THE WEB
podcast

LATEST PODCAST: How bank ‘simplification’ is aiding the non-bank sector

Is enough being done to ensure responsible lending?