ASX & Infotrack are joining forces to be 2nd E-Settlement Platform

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Think this will be a game changer. QLD is still only doing a couple of hundred PEXA settlements a month but NSW and Victoria are moving ahead and PEXA recently passed 100,000 transactions, although many of those may be refinances.

Will be interesting to see how it pans out, would assume you need to be on same platform to settle so there will be a bit messy for a while. These guys are expecting to start settlements late this year which is ambitious goal given they are dealing with multiple titles offices and many banks (most of whom own shares in PEXA).

PEXA is also looking at floating so this may dent their IPO

 

@RPI - Looks like the PEXA IPO has been canned - Linky with a trade sale likely.

Now that we've had a Royal Commission into the banking industry and with CBA (& other banks) having a 13%+ stake in the settlements business, will there be another round of conflicts of interest if the banks further control settlement?

 

I have dumped PEXA altogether now. They have gotten worse and more bureaucratic.

 

What do you use?

 

Still manual in QLD. It's sad that manual is so much more efficient still than their system. Hopefully Sympli will be better

 

Simpli will be introduced next year. Attended the Road Show last month. It is said to be simpler than PEXA. Funny enough, there were PEXA employees attending the Road Show.