The construction industry has the highest rate of insolvency across all industries in Australia. The driving force behind IPEX is a desire to create real change in the construction industry, protecting the whole supply chain by ensuring that project funds are held securely, distributed correctly, and used only for their intended purpose.
Whilst IPEX clearly erodes much of the nervousness amongst Developers & Lenders created by multiple, high profile Builder insolvencies, equally, we see IPEX as a tool with the potential to deliver financially stable, well managed Builders with the more favourable payment conditions they’ve long been appealing for, from reduced upfront security requirements & the release of funds in advance at critical stages of the build to ultimately, healthier margins.
We are working to provide Developers & Lenders with a level of security that renders any standard payment process that places undue financial stress onto the Builder redundant and which ironically, may well be the motive behind some of the riskier industry practices putting Developer/Lender & Sub-Contractor payments at risk in the first place.
Our vision is to contribute to positive change at every level of the construction industry, one that sees all stakeholders benefit to the extent that all opt in willingly, making government intervention unnecessary.
With over 70 years of Property Development, Building & Sub-Contracting experience in the founding team, we’re well aware of how difficult it can be to get paid!
Despite the many contracts, clauses & processes surrounding payment within the construction industry, there is very little transparency or control over when or how funds are actually distributed. Standard industry practices further contribute to risk factors for many stakeholders & we felt that there simply had to be a better way.
We set out to develop a payment exchange platform specific to our industry that would create an invisible fence around each protect, protecting the stakeholders involved & creating a level of trust & transparency never before seen in the building industry.
Having an experienced founding team to help solve this problem has been a key to IPEX’s success, we all bring a unique set of skills that has propelled us forward and enabled an idea to become reality.
Developers can use the IPEX portal to check the status of progress payment distribution. Log in to view a summary of payments made including which Sub-Contractors & Suppliers have been paid & when plus the percentage of total contract value that has been paid.
Builders log onto the IPEX portal to view Project & Trust Account balances, set Sub-Contractor/Supplier contract values & retention percentages & distribute all payments. Builders can also request payments for preliminary costs and any additional margin they may be entitled to.
Sub-Contractors appointed to an IPEX project can download the IPEX Mobile App to view project account balances, transaction history & retention balances in real time. Sub-Contractors will also get automatic alerts when a project payment has been processed.