The $70 million national electronic conveyancing platform will rely on identity-authentication solutions from Verizon for security.
The system brings property conveyancing into the 21st century where the transfer and settlement of a property will be done electronically without paper documents, certificates of titles and bank cheques.
The platform, managed by Property Exchange Australia or Pexa, is available in NSW, with Victoria going live next month. Queensland and Western Australia will be online by May, followed the remaining states and territories 12 months later.
All payments will be done online and in real time, and lawyers and conveyancers can digitally sign documents on behalf of consumers.
Verizon will provide a secure authentication link for Pexa to establish end-user identities across multiple systems and applications.
“When you are transacting online, the last thing you want to worry about is the integrity of the system, especially with multiple parties involved,” Pexa chief executive Marcus Price said in a statement.
“With Pexa, lawyers, conveyancers, and banks, can safely perform lodgements and financial settlements online,” Mr Price said.
This story was first published in The Australian.