The first stage of the development of Australia's electronic conveyancing exchange, PEXA, will be completed by the end of the March quarter, when the Western Australian Land Titles Office joins the system. At that point all four big banks and the land titles offices of Western Australia, Victoria, New South and Queensland will all be aboard.Paul Rickard, a director of National Electronic Conveyancing Development Ltd, which owns PEXA, said the second stage of the scheme would be launched before the end of the June quarter. The second stage will bring solicitors and conveyancers into the system, starting with NSW practitioners and adding Victorian practitioners by the end of the year.Rickard, who was speaking at RFi's Australian Mortgage Conference in Sydney yesterday, said that if all goes according to plan other banks and mortgage companies, and land titles offices from the other states, as well as all other practitioners, will have joined the scheme by 2015.In its current form, with banks and land titles offices using the system, PEXA can handle mortgage discharges, settlements and refinancings.With the launch of the second stage, the system will be expanded to handle title transfers, transfer settlements, caveats and notices.Rickard cited PwC research, which estimated that banks could save a total of A$80 million a year through the efficiencies that electronic conveyancing would deliver, and the industry would save $250 million a year.The savings for banks would be in a reduction in error rates, less duplication of information and a big reduction in paper handling.Rickard said: "The ability to review documents in the system will change the way banks deal with their customers."He said that now the system was operating the participants were looking at a range of additional processes, such as digital signatures, that could be standardised, automated and delivered electronically.PEXA has established a banking operations' council which will work with the Australian Bankers' Association, individual banks and land titles' offices on future developments.