The Australian Personal Property Securities (PPS)
The Personal Property Securities Register (PPSR) has been bought about by the Personal Property Securities (PPS) Act 2009, an Australian Government initiative. This reform looks to standardise and rationalise all the different Commonwealth, State and Territory laws and Registers into one national system for registering security interests against personal property. This will have a wide ranging effect on everyone in the finance industry and, based on our experience with the New Zealand PPS Act, your core systems will form a central component in managing your compliance with this new legislation.
30th Jan 2012 saw the PPS Reforms come into effect and the PPSR go Live.
At Intersoft, we have been working hard to prepare finPOWER Connect for the introduction of the PPS reform. Since early 2011 we have been working with the Australian Attorney General's Office, as sponsors of the legislation, to ensure finPOWER Connect will be ready for the PPS. This includes a real-time PPSR B2G interface. We have extensively tested our interface in the PPSR B2G Discovery site and are pleased to announce a seamless transition to the live PPSR.
finPOWER Connect is now transacting with the PPSR - are you?
finPOWER Connect has two core modules designed to assist you with recording and registering 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 will need to record all your Collateral Registration information once it has been registered. This can be done in the Securities Register Add-On.
The PPSR Add-On expands on the functionality of the Security Register Add-On by providing a B2G (Business to Government) Interface 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.
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