Builder solution

Helping 'honest' builders win

IPEX

Industry-standard processes are failing…

Even when relationships are strong & track records are solid, builders are continually required to ‘prove’ they’re financially sound & of course, ‘prove’ that they pay their subbies. The problem is, industry standard checks & balances don’t actually ‘prove’ anything.

Builders are routinely satisfying financial due diligence requirements while technically ‘insolvent’ and, how many false or misleading ‘stat dec’s are signed in the months before a builder goes under?

You may well have a strong balance sheet & pay your subbies on time, but every other builder is making the same claim, including those in financial distress.

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Project protection

Develpers want protection from unforseen builder cashflow issues

IPEX is an online payment platform that ensures progress payments can be used only to pay approved subcontractors and suppliers linked to that specific project. Developers & lenders receive high-level visibility over who has been paid and when, without requiring the builder to share commercially sensitive information.

IPEX acceptance is fast becoming a primary driver of builder selection for many developers and lenders.

*Standard developer portal view shows payment values as % of contract value / Open book developer portal view shows exact payment amounts.

IPEX gives 'good' builders an edge in any tender

Whilst IPEX lowers risk for developers, lenders & subcontractors, it also provides several advantages to ‘good’ builders.

Differentiate your bid

Agreeing to work under IPEX ‘proves’ what standard due diligence can’t: that you have the financial capacity to complete existing projects without diverting funds from this project.

Fairer commercial terms

From modified security requirements to cash in advance for site establishment and certain material deposits, builders are starting IPEX projects in a cashflow positive position.

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Earn Qantas Points when you pay your suppliers through IPEX.

Your business can save on flights and other business costs, while earning Qantas Points on a wide range of business expenses.

Not a Qantas Business Rewards member? Join free with IPEX.

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Using IPEX

IPEX: Benefits for builders

Differentiate your bid by ‘proving’ your financial position

Remove distressed builders from any tender

Start projects in a cash-positive position

Supplier deposits may be funded by the developer

No need to reveal margins or payment values

No change to builder processes and no impact on builder payment

Attract best trades by reducing non-payment risk

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Become an IPEX ready builder

Developers & lenders are now specifying IPEX on future projects; builders that are willing & able to operate within the IPEX Framework have a clear edge in any tender.

Want IPEX to promote your business to our developer/lender network?

IPEX software

IPEX Monitor vs IPEX for builders

From attracting trades to the potential for cashflow support, IPEX is now being used strategically by builders looking for a competitive edge in a tender, and to strengthen key client relationships.

Require the builder to submit a ‘stat dec’ confirming they’ve paid all relevant subcontractors & suppliers

Withdraw prelims, margin & letting gains without developer oversight

Subcontract values, payment amounts & your margin can remain confidential

Supports fairer payment terms for builders, including cash in advance for site establishment/certain supplier deposits

Helps to attract trades in competitive markets by reducing non-payment risk

Interest is earnt on account/retention balances at market rates
No change to subcontractor claim, builder claim or QS assesment process
No change in accounting software or process, just upload ABA file to IPEX rather than your operational account

“We offer IPEX because it allows us to prove our balance sheet is strong and differentiate us from those who might be ‘misrepresenting’ their current financial position.

All any builder really wants is to get paid what they’re entitled to, and IPEX doesn’t affect our payment. Yes, it puts subcontractor entitlements off limits but that has no practical impact on us as we’ve never relied on that money – we always pay our subcontractors on time.

It’s also tough to attract subbies in this market so removing their risk of non-payment doesn’t hurt either. Unless a builder is already in a fair bit of trouble, I can’t see why a request to work under IPEX would be an issue.”

IPEX developers

'IPEX ready' builders

What can the developer see under IPEX?

Most projects are run under the IPEX ‘standard’ view, which shows only who has been paid and when – no subcontract/payment values or margins are revealed.

No payment impact: everyone (including the builder) gets what they’re entitled to.

No change to builder process: Subcontractor/builder claim processes and QS assessment/approval process remain as is

The builder controls the project account and simply uploads the payment file into IPEX instead of normal banking platform
IPEX automatically cross checks the uploaded payment file against the account details of subcontractors and suppliers linked to the project, before the builder authorises payment

IPEX simply validates the ‘stat dec’ process – for builders that are already paying subcontractors and suppliers on time, nothing changes.

Testimonials

See what our customers have to say

"At Frasers, we take our commitment to every project, and every investor, builder, subcontractor, supplier, and customer we work with seriously. That means putting in place financial frameworks and processes to ensure that every dollar is used for its intended purpose, and there is full accountability and transparency over the budget for a project.” “We’re so excited about the Encompass development, which has a real ‘wow’ factor, and through IPEX we’re better positioned to deliver the project securely and successfully.”

Sarah BloomGeneral Manager Development Victoria

“We have many great, long-standing relationships with developer-builders, but there’s no question that this model can add an element of risk for us as financiers. Managing this additional risk can also create a great deal of extra admin for both parties. IPEX allows us to automate payment oversight & integrity checks, delivering better governance, earlier risk detection and enhanced investor confidence.”

Henri HinesSenior Portfolio Manager

After a year of utilising the IPEX platform on one of our key commercial construction projects, the experience has been overwhelmingly positive. The platform’s user interface and our customer service experience have exceeded our expectations, significantly bolstering the security and efficiency of our collaboration with the builder. The adoption of IPEX has been embraced by the builder and & it provides additional comfort to trades particularly with the current construction industry challenges.

John VickersDirector

“Based on our experience IPEX should be mandatory. It is now an integrated and essential part of our governance. It’s delivering a new standard of providing trust downstream to our subcontractors and suppliers that they’ll be paid and upstream to our clients and the financial institutions funding these projects.”

Ken O'ConnorDirector

"From the moment I understood what IPEX provided I had no hesitation in introducing it to BlueScope. With such a major capital works project it was clearly a very prudent risk management tool. With hundreds of millions of dollars being paid to suppliers and subcontractors through major contractors, securing certainty that monies were being delivered into the accounts of the substantial number of subcontractors and suppliers was critical.“

Steve ChandlerCEO

“IPEX delivers the security of funds subcontractors need on projects. Everyone prices risk into jobs; however, with the IPEX concept, there is a reduction of payment risk, which should translate into a more competitively priced trade insurance outcome. It’s really in everyone’s best interests in the long run to use IPEX.”

Sam LeslieGeneral Manager

“Once we were aware of IPEX and decided to implement this new standard for project payments, it was a seamless onboarding and end-user experience. It reduces risk and addresses trust and relationship building in one platform. This will put us in a powerful position as the demand for construction labour increases.”

Rob MoolmanManaging Director