Australian PPS Update

Tuesday, 14 June 2011

Development of the finPOWER Connect interface to the Australian PPSR is progressing well.

The Personal Property Securities (PPS) reform, an Australian Government initiative, is changing the law and practice for secured financing involving personal property. The 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).

finPOWER Connect development to date has focused on two main areas. The first being able to capture the necessary information for PPSR Registrations and the second is to provide a B2G Interface to the PPSR.

finPOWER Connect has two core modules designed to assist with the recording and registering of your Security Interests. These are the Securities Register Add-On and the PPSR Add-On.

The Securities Register Add-On allows you to not only record all information about the Security Item, but also the Security Interest once it has been registered on the PPSR. If you are manually registering your Security Interests on the PPSR, then you can record that Registration information, via the Securities Register Add-On, once it has been registered.

The PPSR Add-On expands on the functionality of the Security Register Add-On by providing an interface to the PPSR via B2G (Business to Government) web services. This interface performs electronic registrations of your Security Interests at the push of a button and receives the Registration information in return from the PPSR. This all occurs without needing to re-key any information or human intervention. Subsequent Amendments and Discharges are also performed through the PPSR B2G Interface as are PPSR searches for existing Registrations on Collateral Items and Grantors.

For more information of the Australian PPSR click here.