finPOWER Connect PPSR Update August 2011

PPSR - Key Concepts

The Personal Property Securities Act 2009 is a law about security interests in personal property. It creates the Personal Property Security Register (PPSR) where all Security Interests will need to be registered.

A security interest is an interest in personal property (all forms of property other than real estate) that in substance secures payment of a debt or other obligation regardless of the form of the transaction. This definition covers transactions currently considered a form of security, such as mortgages over motor vehicles or charges in company property. It also covers forms of transactions not currently considered as a form of security as a consequence of the nature of the transaction. Examples of such transactions include:

• Retention of title clauses in sale agreements whereby a purchaser has possession of personal property, but does not acquire title from the vendor until the full purchase price is paid.
• Financing leases where personal property is leased for payments that cover the cost of the personal property and the lessee has the ability to acquire title to the personal property.

All these Security Interests arising from the transactions can and need to be registered on the PPSR to be enforceable. Access to the PPSR is via the PPSR website or a B2G (Business to Government) Interface. All searches of the PPSR, as well as amendments and discharges to Registrations, will also have to be done via the website or the B2G interface.

The PPSR is scheduled to “Go Live” on 31 October 2011, after which all other security registers such are REVS will close. The deadline is fast approaching so the time to address your PPSR requirements is now.

Supported Web Browsers

The Specification of the PPSR has determined that only 3 web browsers will actually be supported for use on the PPSR website. These are:

• Internet Explorer 6
• Internet Explorer 7
• Mozilla Firefox 3.0.8

At this stage, if you use any of the following web browsers, and experience problems when trying to access the PPSR website, support will be very limited:

• Chrome
• Safari
• Internet Explorer 8
• Internet Explorer 9

Although most functionality on the PPSR website will work with the above Browsers, our experiences indicated some difficulties in accessing all the content of the website, including the important "Register Here" Tab. This would no doubt effect your ability to successfully register a new Security Interest. One way to address this issue is to use the PPSR B2G Interface.

What is the PPSR B2G

The PPSR (Personal Property Security Register) will be the national place to register all your security interests. It will also be the central point to conduct searches on serial numbered items such as Motor Vehicles, Boats and Aircraft to see if there are any existing security interests in them. To register or conduct a search you will need to go onto the PPSR website and manually type in all the details you need, review the results, print out any necessary reports, re-enter all the information into your loan management software ..... all very labour intensive and prone to human error. This is where the finPOWER Connect PPSR B2G Interface earns it's money.

The PPSR B2G is an interface that allows your systems to "talk" electronically to the PPSR. The PPSR B2G allows all your transactions to be centrally generated and processed on your system then updated to the PPSR. For example, a new Registration for a security interest in a Motor Vehicle can be entered in your system and the B2G Interface will register the security interest on the PPSR and update your data with the relevant registration details - all without human intervention.

The finPOWER Connect PPSR B2G interface offers three key benefits: Speed, Accuracy and Timeliness.

• To enter a new Registration or undertake a search manually on the PPSR can be a long drawn out process, especially where the information already exists in one system and needs to be manually re-keyed. The finPOWER Connect PPSR B2G Interface happens at the click of a button and is all conducted electronically.
• If you are entering a motor vehicle registration into the PPSR website then you will have to key in, at the very least, the VIN number. This is a 17 character number that needs to be entered correctly or the Registration will be invalid. Then you will need to record a 16 digit Registration number and a 5 digit change number! All areas where human error can creep in, whereas the B2G interface handles all these transactions with 100% accuracy.
• One of the key pillars of the new Securities regime is Priority - which is the order in which Secured Parties have claim over collateral items. Priority is determined by the actual time, down to the second, of which a collateral item is registered on the PPSR. It is “first registered, first in line”. Compare the time a finPOWER Connect B2G transaction takes – mere seconds – to the minutes or even hours it will take a staff member to do the same thing once they have finished their coffee or come back from their break!

Within finPOWER Connect, the new Loan management software system from Intersoft Systems, the PPSR add-on incorporates all the functionality of a B2G interface. Functionality is included that electronically registers your Security Interests at the push of a button and receives the Collateral Registration information back from the PPSR and updates your data, all without needing to re-key any information. Subsequent Amendments and Discharges are also performed through the PPSR B2G Interface, as are PPSR Searches for existing Registrations on Collateral items or Grantors.

finPOWER Connect – On the Web

finPOWER Connect, the new Loan management software system from Intersoft Systems, is fast becoming the new standard in functionality and flexibility within the lenders of Australasia. One of the key areas attracting a lot of interest are the two Web options finPOWER Connect has: the Web Interface and the Client Connect Web Portal.

The finPOWER Connect Web Interface recognises the importance of being on the Web, whether it be a secure site for Dealers and Brokers to review Accounts they are associated with or an online quoting and Application form.

The finPOWER Connect Web Interface is a portal to the main finPOWER Connect database but limits the functionality and features to those that might be required by External Users such as Dealers or Brokers. These include such features as:

• Enquiring on the status of an Account
• Adding Log notes to a Client or Account
• Creating and submitting a secure Quotation
• Action "Task List" items

Where you want to improve the service levels to your clients and offer a unique customer interface experience, then the Client Connect web portal is key.

Clients expect to have access to current balances and transaction information, be able to update contact details and receive secure communications from their finance provider. All this and more is incorporated in the Client Connect web portal.