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The IPEX process

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What is IPEX?

IPEX is an Australian online payment platform that secures funds intended for a project, protecting developers and subcontractors in the event of builder insolvency.

IPEX software integrates with a dedicated construction project bank account to ensure that progress payments are used only to pay approved subcontractors and suppliers linked to that specific project. IPEX provides developers with visibility over who has been paid and when, without sharing a builders’ commercially sensitive information.

Whilst IPEX protects developer and subcontractor payments, it also helps financially secure builders to validate their money management practices, differentiating their bid from competitors in the process.

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Projects

Process under IPEX

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There is no change to subcontractor claim process, builder claim process or QS assessment / approval process:

  • Approved progress payments are paid into the builders’ IPEX account rather than their standard operational account
  • The builder will receive their entitlements (prelims/margin/direct costs) plus those of any payees not required to be paid via IPEX (if any) via the agreed method, with the balance set aside for subcontractor/supplier payments
  • The builder can pay onboarded subcontractors/suppliers/consultants whenever required by generating an ABA file via their accounting software. The ABA file is uploaded into IPEX; provided all payees contained within the ABA file have been onboarded to the project (and BSB/Account Number matches that entities info), payments are processed as they normally would be & remittance sent to each
  • Subcontractor retention monies can also be held within IPEX
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The developer (& lender/project manager) will login to IPEX with each new progress claim received & perform 2 quick checks:

  1. Has each subcontractor linked to the last claim received payment?
  2. Does the amount received (percentage paid against contract value) by each subcontractor broadly line up with work completed % on the last claim?

IPEX doesn’t change builder obligations under industry-standard agreements, it simply provides a range of tools to ensure that they’re honouring them.

Use cases

Who benefits

Developers

Reduce the risk/impact of builder insolvency. Deter distressed builders from tendering and protect your project against future builder cashflow issues.

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Builders

Leverage your strong financial position into more contracts and better commercial terms without sharing commercially sensitive information.

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Lenders

Prevent loaned funds from being diverted to other projects linked to your builder (or developer). Reduce risk and automate oversight for developer-builder lending.

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Project managers

De-risk builder recommendations and identify non-payment of subcontractors/ suppliers immediately. Reduce reputational risk while maximising the chances of successful project delivery.

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Subcontractors and suppliers

Work for builders who won’t risk your entitlements to cashflow other projects. Reduce your risk of non-payment in the event of builder insolvency.

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Construction lawyers

Add practical controls to existing legal protections. Best practice risk mitigation for your property developer clients.

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Who we work with
Case studies

Customer success stories

Balmain & Co

IPEX platform transforms project bank account payments benchmarks for better building industry outcomes.

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Nash Project Management

IPEX payments platform incorporated into tender system for greater peace of mind.

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Kervale

IPEX sets new benchmarks for ethical and transparent transfer of project funds from developer to builder, subcontractors and suppliers.

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