PEXA partners with Verizon for ID authentication

Electronic property exchange PEXA has chosen a Verizon identity authentication system for its new conveyancing system.

PEXA said in a statement that the Verizon service would allow it to establish end user identities across multiple systems and applications and create an audit trail.

Earlier this month PEXA launched full functionality in Sydney and Wollongong, allowing property lawyers and conveyancers to complete property transfers online, including lodgement and financial settlement.

This functionality will be extended to Melbourne, Geelong and Bendigo next month. The broader NSW and Victorian markets will go online in February.

Ten financial institutions are on the system, using it to complete new mortgage and refinance transactions and discharges in NSW, Victoria, Queensland and Western Australia.

The financial institutions include the Big Four plus Suncorp Bank, Teachers Mutual Bank and bankmecu.

PEXA chief executive Marcus Price said Verizon would have complete responsibility for installation, support, management and maintenance of security. Its service includes security analytics, distributed denial of service defence, identity and access management and investigative response.