Australian PPSR development underway

We are pleased to announce that development has commenced on adding Australian PPSR B2G functionality to finPOWER Connect.

This will allow users of the Security Register, PPSR Interface Add-On in finPOWER Connect to electronically register collateral interest in the PPSR.

Personal Property Security (PPS) reform, an Australian Government initiative, is changing the law and practice for secured financing involving personal property. PPS reform will bring the different Commonwealth, State and Territory laws and registers regarding personal property security interests under one national system. From October 2011 there will be one national PPS law and one national PPS Register (PPSR).

In Australia there are currently significant limitations on the use of personal property as security due to difficulties and gaps in registering security interests. The rules for registering collateral are different for the Commonwealth, each State and territory because each have their own personal property schemes with separate registers and laws. Hence the replacement system that provides a countrywide standard and platform for all registrations of Security Interests in Personal Property.

The New Zealand version of the PPSR has been in operation since 2002. Intersoft Systems Ltd, as developers of finPOWER and finPOWER Connect, were at the forefront of the introduction of the NZ PPSR and development of the G2B interface that caters for bulk electronic registrations.

As we did in NZ, we are leading the way in developing functionality for the Australian PPSR B2G Interface. Work is well advanced and good progress is being made on interfacing with the Discovery Test site. We will keep you informed of our progress and let you know when we can start demonstrating the functionality we have been working on.

For more information of the Australian PPSR go to the office PPSR website at www.ppsr.gov.au.