Taking the Complexity and Cost out of Property Settlements.
Revolutionising the way property settlements are conducted in Australia, the Settlement Management Exchange (SMX) automates the entire settlements process and removes costly manual components along the way – from the current high volumes of phone calls right through to the physical attendance required in the cases of property settlement and document lodgement.
SMX is a hub for the Australian settlements industry providing all participants with online access to complete settlement transaction information. Participants (including incoming and outgoing mortgagees, settlement agents, conveyancers/ solicitors, the land registry, office of state revenue and financial settlement manager) can interact electronically with each other via online settlement bookings and document sharing facilities.
SMX has the potential to reduce a bank’s settlement costs by up to $50 million a year for the first five years. Additionally, with the settlements process becoming fully automated, we could potentially see the standard settlement effort reduced by 50 to 75%.