Verizon secures online property transactions in Australia

Verizon announced that its smart credentials identity authentication solution has been selected by Property Exchange Australia to secure online property transactions.

Property Exchange Australia’s new national electronic conveyancing system eliminates the need for purchasers to manually complete multiple forms and allows Land Registries, financial institutions and practitioners to transact online together in real time.

With PEXA’s electronic system, transactions can be quicker, and processing times can be slashed. It supports new mortgages, mortgage discharges, transfers, settlements, caveats, notices and other administrative documents in one easy to use, intuitive, electronic platform.

The fully managed Verizon solution will enable PEXA to establish end-user identities across multiple systems and applications, creating an integrated, auditable trail. In addition, it enables users to digitally sign documents through a smart card.

Verizon’s cloud-enabled solution is being delivered from its secure Canberra datacenter. The Verizon team takes care of the installation, support, management and maintenance of the security solution.

Verizon smart credential services system helps enterprises protect both physical and virtual assets. The web-based system allows updates and changes, giving organizations insight into how data is being accessed and who is accessing it. The system is especially helpful when managing lost credentials, new hires, departed employees and a change-over with partners and/or suppliers, as well as suspicious network behavior.

PEXA CEO Marcus Price said, “When you are transacting online, the last thing you want to worry about is the integrity of the system, especially with multiple parties involved. With PEXA, lawyers, conveyancers, and banks, can safely perform lodgments and financial settlements online.”

Verizon Australia and New Zealand Managing Director, David Kim, said, “Systems like PEXA’s are transformational, but they will only achieve their potential if all parties involved can be assured that every step of the process is secure. Verizon’s authentication solutions are critical in ensuring that only the right people are able to access the information they need.”

Rajani Baburajan

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