Announcement posted by Property Exchange Australia 05 May 2016
New rules are now in place for property buyers and sellers bringing greater peace of mind that their sale or purchase is better safeguarded, minimising the incidence of fraudulent transactions.
Importantly, verifying the identity of buyers and sellers – similar to the checks banks undertake – applies to new electronic property transactions as well as traditional paper-based settlements.
Mike Cameron, Property Exchange Australia’s (PEXA) Group Executive Operations, said adherence to the strengthened rules would be further bolstered with a third company, IDSecure, now also verifying the identity of property buyers and sellers on behalf of lawyers and conveyancers.
“With more than 2,000 lawyers and conveyancers now signed up to PEXA to transact property online, a growing number will look to agents who specialise in verifying their clients’ identities,” he said.
“National verification of identity provider, IDSecure, brings the property, mortgage lending and banking sectors a third service offering in addition to Australia Post and ZipID.”
IDSecure Agents witness documents and client authorisations at face-to-face interviews. This gives comfort that people transacting are who they say they are. IDSecure Managing Director Mark Paholski said e-conveyancing is the ultimate game changer for the industry bringing practitioners more value through digital transactions.
“In line with e-conveyancing, practitioners also need to digitise their verification of identity processes to comply with the new rules. The traditional manual ways of gathering and storing clients’ identity data isn’t sufficient in today’s tech-driven world – they are inefficient and extremely risky,” he said.
“IDSecure is pleased to be part of the inevitable transformation from paper to digital, providing the only single system that delivers an in-house and ‘go to client’ VOI solution in metropolitan and regional areas nationally.”
IDSecure’s Identity Agent offering includes:
· An extensive national Identity Agent network in metropolitan and regional areas
· A go-to-the client service at a location that suits the practitioner’s client
· A seven day a week service
· Witnessing client authorisation documents
· Immediate access to compliant verification of identity reports (securely stored for over nine years on an Australian hosted and accredited data centre)
· Identity Agents from professional backgrounds
· $20 milion professional indemnity & fidelity insurance complying with regulatory requirements
For more information, please contact:
Kerrina Lawrence, PEXA Director, Media & Corporate Affairs: 0434 198 427
Lara Paholski, IDSecure General Manager: 0457 789 413
is transforming the way property is transacted. These historic changes are on par with the introduction of the Australian Stock Exchange (ASX), EFTPOS and online banking. Similarly, PEXA is bringing an online exchange for financial institutions, lawyers, conveyancers and land registries to complete property settlements. Funds settle through the Reserve Bank of Australia. PEXA is backed by Australia’s largest banks, governments and commercial enterprises as it spearheads this major digital reform.
PEXA at a glance:
ü A digital platform for completing online lodgement and property settlements
ü Conveyancers, lawyers, banks and land registries interact, collaborate and share information
ü Buyers no longer need to purchase bank cheques, alleviating a last minute rush to arrange cheques and settlement delays when printed cheques contain errors
ü PEXA integrates into state-based land registries’ databases
ü Funds settle through the Reserve Bank of Australia