What is PEXSA?
Payment Exchange of South Africa (PEXSA) - a LexisNexis company is a company that focuses on the development of a payments and settlement platform for e-conveyancing in South Africa in collaboration with the market stakeholders.
This web-based property payment and settlement system will connect all participants to a transaction in real estate and allow them to settle those real estate payment transactions electronically, in a simplified and streamlined way.
Launched in May 2017, PEXSA aims to be the de facto Property Payments and Settlements authority for all property transfers in South Africa enabling a delivery vs payment mechanism in the e-conveyancing space enabling property payments to take place in a seamless manner allowing for transparency, improved efficiency, creating certainty in the payment and settlement process.
The payment framework will service the banking, property, government and legal sectors and significantly reduce market disruption and security threats. With over 285 000 property transactions annually, PEXSA will improve the attorney’s ability to disburse funds to beneficiaries in a seamless manner from a single point of entry.
How does PEXSA work?
PEXSA’s ground-breaking solution introduces processes and standards to achieve same-day payments through a collaborative and secure platform, accessible by all the stakeholders in a property transaction.
All parties, including the estate agency, banks of the buyer and seller, Fidelity Fund and the Deeds Office have access to a digital platform and dashboard. The process tracks the transaction in real time with communication sent to all parties as transactions occur. Funds are transferred to various stakeholders immediately.
What are the Benefits of PEXSA?
- Single point of entry – instead of logging onto several various banking platforms to perform the beneficiary payments
- Enhanced audit trail for all transactions
- Safe and secure control levels
- Same day payment option when property is registered on DOTS
- Mitigates property payment and settlement risk