BRISBANE, Australia--(BUSINESS WIRE)--Elepay, Australia’s leading Pay Later service for property owners, has successfully completed a comprehensive review by an independent expert following an Australian Securities and Investments Commission (ASIC) order from February 2024. The review, which examined nearly 4,000 files spanning over the past three years, was conducted under the terms of the Customer Experience Unit (CEU) to assess Elepay's compliance.
Following an extensive audit and reporting process, Elepay received the "all clear" from ASIC on Friday, September 20th, 2024. ASIC’s senior investigation team concluded that, based on the independent expert’s findings, no further inquiries were necessary. The CEU process is now complete, with Elepay successfully demonstrating that no breaches occurred.
Gino De Pasquale, CEO and Founder of Elepay, expressed his satisfaction with the outcome, stating, “From day one, Elepay has always adhered to the relevant industry regulations. It has been a top priority for us to build robust systems and processes that ensure compliance with regulatory and consumer protection laws. While I was always confident in our governance and compliance, I’m certainly relieved that we have received the ‘all clear’ notice from ASIC. Nothing changes for us—we remain just as vigilant and committed to protecting our customers and following the rigorous laws and governance set by the codes.”
Gino added, “I’m particularly proud that Elepay’s CEU audit was completed in just six months, compared to other financial services companies that are well into their second year of CEU reviews. Our focus on co-operation and supplying all the data and reports to our independent expert from the outset has paid off. We’ve always been confident in our processes, and our happy customers over the last five years are a testament to that.”
Reflecting on the process, Gino commented that while the CEU audit was an intense period of scrutiny, it provided valuable opportunities for growth and reflection. “Like most things in life, when you’re made to reflect and critique, as we were during the ASIC CEU process, there’s always room for growth and re-evaluation. Over the past eight months, we’ve taken every opportunity to re-evaluate our business and identify areas where we can go from good to great.”
Elepay’s successful completion of the CEU process underlines its ongoing commitment to consumer protection, regulatory compliance, and delivering value to property owners across Australia.
About Elepay
Elepay is a leading Pay Later specialist, exclusively serving Australian property owners. With over 400 authorized partners offering Elepay's services, the company has become a preferred solution for property stylists, renovation-to-sell businesses, and many other service providers who offer customers the option to defer any upfront property-related expenses. A unique feature of Elepay's business model is its ability to provide property owners with fast access to funds—up to $50,000 within hours, or up to $500,000 within days. Customers can enter the Elepay ecosystem either through an authorized partner or directly, receiving funds within 48 hours of approval.
Elepay remains committed to promoting and protecting the interests of Australian property owners.
“The journey has just begun,” says Gino De Pasquale, CEO and Founder.
