The PPSR B2G Interface Explained
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 PPSR B2G interface earns it's money.
The PPSR B2G is an interface that allows your systems to "talk" electronically to the PPSR – if your system is so equipped. 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 interference.
The 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 rekeyed, whereas the PPSR B2G 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 and it is “first registered, first in line”. Compare the time a 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.