IPEX is an industry-leading payments platform designed to protect the cash flow of construction projects across the building and construction industry. With IPEX, all project payments are distributed through a centralised account, ensuring transparency and security of a project’s funds. With IPEX, project owners, head contractors, builders and subcontractors can rest assured knowing that a project’s funds are held securely and entirely traceable. Our platform reduces financial risk for all project stakeholders, making it the ideal solution for a smoother and more successful build for everyone involved.
When it comes to construction projects, there are many moving parts. From materials and labour to permits and financing, many different factors can impact the successful outcome of a project.
One area that can often cause problems is project payments. Construction projects typically involve large sums of money; ensuring funds are going to the right place, that projects are completed as contracted, and keeping all stakeholders in the loop can be a challenge.
Making trust a central component of construction projects, IPEX ensures project funds are held securely, distributed correctly, and used only for their intended purpose.
IPEX is the construction industry’s leading Project Bank Account, and we are dedicated to making the construction payment process run securely, transparently and efficiently.
The construction industry has the highest percentage of insolvency across all industries in Australia. To reduce the insolvency risk and improve cash flow in the construction industry, Project Trust Account & Security of Payments legislation is now in place across QLD and NSW (Limited). The IPEX platform is designed to improve the payment process across the building and construction industry by providing effective, efficient and fair processes for securing and distributing payment.
If you are working on a construction project in any of the states or territories where either Project Trust Accounts or Security of Payments legislation is in place, you will need to comply with the requirements of the legislation.
IPEX assists builders in Queensland in meeting the requirements of the BIF Act, which requires head contractors and builders to provide a Project Trust Account to secure funds and provide time-based reporting and notifications to all project stakeholders.
For builders in NSW, legislated by the Security of Payments Act, the IPEX platform provides a Project Retention Account to meet industry regulations.
Offering a fast and intuitive platform for managing project accounts, IPEX streamlines the payment process, increases transparency, and ensures time-based reporting and notifications are delivered to all stakeholders on time, every time.
Developed with the latest technology, IPEX ensures that all payments are traceable and held with the highest level of security. Contracts, project details and payments are all recorded on the IPEX platform, providing an immutable record of all transactions and account activities.
IPEX provides greater security by holding all payments in a secure, traceable Project Bank Account. Developed with the latest industry-standard technology, the IPEX platform ensures that all transactions and payments are recorded and cannot be changed, providing an immutable record of all transactions.
Additionally, all payments made from the Project Trust Account can only go to onboarded verified Subcontractors and Suppliers, meaning funds can not be misappropriated.
IPEX is a real industry game-changer for head contractors now faced with colossal administration overheads due to the growing legislation load. For head contractors juggling big money across multiple projects, IPEX brings all of the moving parts of the construction payment process into one easy to use interface, helping you manage project funds and pay stakeholders in seconds.
As a head contractor, you can use IPEX to create and manage your project bank accounts. This will give you greater control over the payment process and allow you to comply with State legislation easily. In the role of a head contractor, you will also be able to track and review all payments made to subcontractors and suppliers, ensuring that all costs are accounted for.
What’s more, IPEX minimises the burden of administration and makes the financial management of multiple projects simple, fast and intuitive.
With IPEX, project funds can only be deposited to verified subcontractors and suppliers on a specific project. Plus, project payments cannot be withdrawn from the account by the builder; they can only go to the designated and verified subcontractor. This provides peace of mind for subcontractors knowing that their money is held securely.
IPEX further supports subcontractors where retention funds are concerned. With IPEX, retention funds are held in a secure, separate bank account that can only be distributed to the verified subcontractor.
IPEX provides payment security for contractors and subcontractors by holding project funds in a transparent bank account that can only be distributed to verified stakeholders, subcontractors and suppliers. This provides peace of mind for all parties involved and helps ensure that project funds are protected.
The IPEX software governs and protects a project’s funds, rather than holding it in trust, providing security to stakeholders, subcontractors and suppliers as funds only go to verified stakeholders, subcontractors, and suppliers. This also entrusts greater confidence to developers, as project funds are protected and cannot be misappropriated.
If you are a contractor working on a project using an IPEX-supported project bank account, you can rest assured that your payments are secure and transparently recorded.