Guidelines and Information for PPSR Go Live
As you are all no doubt aware, the new PPSR platform will be going live in just a few short weeks. In preparation, we have put together some points to note, actions to take and some suggestions to help you get ready for the rPPSR.
MBIE will close the current PPSR website and G2B interface at 5:00 pm on Friday 28th of September. The new PPSR will commence operation on Monday 1st of October.
Please note that finPOWER Connect will not automatically switch over to the rPPSR Interface. finPOWER Connect will only start using the new PPSR once the "Use the new PPSR API?" checkbox in Global Setting has been checked.
During the weekend of 29th and 30th of September, the data in the existing PPSR will be migrated to the new PPSR. During this period the PPSR will not be accessible, e.g. to register a new Financing Statement or to search the Register. For this reason, services from MotorWeb and Centrix that use the PPSR will not be available, i.e. MotorWeb Vehicle Reports and Centrix Wheels Reports will return a failure message.
Therefore, you need to carefully consider how this will affect your business and plan accordingly. For example:
- If you cannot check to see if there is a Security Interest in a Motor Vehicle, should you be trading a Motor Vehicle?
- If you cannot Register an Interest in a Motor Vehicle (or any other Collateral), should you be lending on it?
- Do any of your business processes, especially automated ones, involve a PPSR Search or a MotorWeb or Centrix Wheels check? If so, what happens if these services are unavailable and return a failure error?
Make sure you have the proper procedures in place to handle these scenarios, and do not make bad lending decisions.
MBIE expects no issues and have undertaken extensive testing internally and externally with vendors and stakeholders such as Intersoft Systems. However, there is always the possibility that an unforeseen complication in the data migration might occur. In this unlikely event, MBIE has a contingency to stay with the existing PPSR, i.e. the old PPSR website and G2B interface will continue on Monday.
In addition, MBIE cannot rule out an issue that means soon after the new PPSR goes live they have to revert or roll-back to the old PPSR website and G2B interface. It is very hard to determine how a scenario like this might play out, but it would be only done as a last resort. It may mean you would have to re-register Financing Statements in the old PPSR system.
To be proactive we suggest the following:
- Process Renewals whilst still using the PPSR G2B interface
- For example, during the week of 17th September, process renewals due to expire prior before 12th October.
- Avoid processing Amendments, Discharges and Renewals in the new PPSR for a period of time. We suggest one week.
- You should continue doing all Registrations and Amendments that involve a Collateral.
We will be in further contact closer to the Go Live date, but if you have any queries please contact your Intersoft Reseller.
Also, take the time to upgrade to the latest version of finPOWER Connect. We suggest you upgrade to Version 3.1.5 due to be released in the week of 27th August.