Client Newsletter
We are less than 3 months away before the new rPPSR goes live.
The new rPPSR replaces the old PPSR G2B and is due to go live on 2nd of July. The approach the MBIE is taking is a "Big Bang" cutover so there will be no transition period or cross over time where both systems are supported.
We have been working closely with the MBIE on this project and have developed tools to make the transition as smooth as possible for you. In preparation for the rPPSR coming into effect, we have prepared an initial guide as to what you can be doing NOW to prepare yourself for the changeover, this can be found here. Please read it and start the process to make your transition as easy as possible.
Current finPOWER Users
If you are still running finPOWER 5, YOU NEED TO CONVERT to the latest version of finPOWER Connect.
finPOWER 5 WILL NOT support the rPPSR and you will be forced to use the manual web portal and incur the additional costs of doing so. Only finPOWER Connect will support the rPPSR. If you have not started the process of conversion with your Reseller, contact them NOW and get the process underway. If you have started the conversion from finPOWER 5 to finPOWER Connect, you need to finalise it. There are still a number of clients yet to complete their conversions and there are only limited resources available to undertake them.
Get in NOW before it is too late.
Current finPOWER Connect Users
If you currently use finPOWER Connect you will need to make sure you upgrade to the latest version. The new PPSR functionality will only be released for Version 3.01.02 of finPOWER Connect, so it is imperative that you make plans with your Dealer to upgrade well before the 2nd July deadline.
Get in NOW before it is too late.
Not going to use the PPSR Interface?
If you stop using the PPSR Interface you should be aware that you will lose the ability to directly interface to the PPSR from within finPOWER 5 or finPOWER Connect. However, you will be able to use the new web based interface provided by the PPSR; but you will have to manually enter all your PPSR transactions from 2nd of July 2018.
This means you will have to:
- Manually enter any new PPSR registrations, including all security details and the 17 digit VIN for any vehicles.
- This is a time-consuming task.
- Any inaccuracies may mean your priority over the security may not be enforceable.
- Existing PPSR Security interests will need to be manually amended and discharged, even if they were added using the PPSR G2B Interface.
- Manually update records with details of the security registration, if you want these to populate on documents.
You should also be aware that the cost associated with PPSR transactions are double when using the web interface. For example, a Registration costs $16.10 if done via the PPSR website versus $8.05 if done via the PPSR interface, Searches cost $2.30 versus $1.15.
Of course, if you ever choose to start using the PPSR Interface module within finPOWER Connect again you may have to spend considerable time reconciling the data in finPOWER Connect versus that loaded in the PPSR.
In short, the PPSR interface provides a fast, accurate and efficient way of making sure your PPSR Registrations are kept up-to-date.