This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
1. THE BEGINNING
This innovation initially came to life when…
In 2013, when the emergence of PEXA – a new, national online platform for the electronic settlement of property – threatened the status-quo of Australian property lawyers and conveyancers.
As with all disruptive technologies and digital change, there is an almost equal amount of perceived value as there is apprehension in the market and unpreparedness regarding the pending launch of PEXA, and change management required to ensure the success of electronic conveyancing in Australia.
The advent of electronic conveyancing also represents opportunity for software providers such as GlobalX Legal Solutions to leverage this disruptive shift in an otherwise mature market.
2. WHAT & HOW
The purpose of this innovation is to…
GlobalX has integrated PEXA into our web-based property information search and manual settlements platform to facilitate the settlement of a property in the traditional paper-based process, or electronically in a single workflow.
We’ve also integrated this workflow into software packages.
It does this by…
Assist practitioners with the transition to electronic conveyancing, as stakeholders complete the accreditation, and organisational change required to represent parties and perform settlements via the PEXA platform.
This strategy also improves the viability of GlobalX’s “PEXA-Ready” solutions, ‘future-proofs’ the company.
3. PURPOSE & BENEFITS
This innovation improves on what came before because…
Allowing users to adopt eConveyancing when it becomes of value to them.
Via integration with popular industry solutions, GlobalX provides the majority of practitioners’ seamless access to our PEXA-Ready Solution and eConveyancing.
Upon booking, our ‘PEXA-Ready check’ establishes the viability of an electronic settlement; if conditions aren’t met, the hybrid solution facilitates a manual transaction via GlobalX’s national settlement network.
Its various benefits to the customer/end-user include…
PEXA will reduce settlement failure rates due to human error.
And while PEXA registers electronic settlements, it is not a conveyancing solution; GlobalX’s PEXA-Ready system facilitates a comprehensive eConveyancing workflow with integrated search, settlement and industry software, benefiting the practitioner.
In the past, this problem was solved by…
Manual, paper settlements. However, with inefficient and error-prone administration required, the process contributes to 1 in 5 delayed or failed transactions.
Physical attendance demands significant coordination and high levels of administration introduces human error. Upon detection of an error, the settlement must be re-established for another date at a cost to the property buyer, seller and their representatives.
Its predecessors/competitors include…
PEXA is the world’s first national electronic settlement platform; GlobalX’s hybrid “PEXA-Ready” system has no predecessors.
While three official ‘Sponsors’ can integrate with PEXA, none have the national manual settlement network, nor the integration options available to GlobalX users.
5. TARGET MARKET
It is made for…
Australia’s 72,200 legal practitioners, solicitors and conveyancers that perform property settlements and manage property-related matters.
It is available for sale through…
Our national network of six GlobalX offices, or users may select to register via globalx.com.au, or via pexa.com.au.
Alternatively, practitioners can select GlobalX through our integration partner network which represents six of the most popular products with 16,700+ users, nation-wide.
Our marketing strategy is to…
Leverage digital disruption to become the leader in the eConveyancing space.
Since 2013, we’ve educated users on the benefits of eConveyancing, developed eConveyancing services, established 16,700+ new users via integration partnerships, and developed a unique hybrid workflow.
The largest settlement agent for practitioners, GlobalX is well placed to navigate digital change, to become the largest player in the eConveyancing space.
FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.