Suncorp, bankmecu and Teachers Mutual Bank have all joined online property exchange, PEXA, as it continues to work towards a national network of registries, banks and financial institutions. The PEXA e-conveyancing system, which has been under development for two years, will allow property settlements to take place online, removing paperwork and the delays associated with the physical conveyancing process.The property exchange, with a membership that already includes the four majors, is looking to build a critical mass of transactions that are able to be completed electronically, and therefore sustain a viable Australian e-conveyancing market. PEXA plans to launch to Australia's property lawyers and conveyancers later this year. bankmecu has been using the Electronic Conveyancing Victoria system in its home state for some time, and is looking forward to being able to use the technology on a national scale. It said the national e-conveyancing system was estimated to deliver annual cost savings of at least $80 million for banks in Australia."We can bring much of the mortgage settlement work in-house without the need for a branch on every corner - it's a big advantage and the way forward for banking," said Martyn Norman, bankmecu's head of lending.The new players, while relatively small, mean that for the first time PEXA will be accessed by participating financial institutions through a third party. In this instance, Suncorp and Teachers Mutual Bank are using FMS, which has capability in automated loan processing, to transact through PEXA.Steve James, CEO of Teachers Mutual Bank, said he expected e-conveyancing to provide more convenience for his members.