The Australian Personal Property Securities (PPS)
The PPS has radically changed the Finance industry in Australia.
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.
The PPS Reforms came into effect on 30th January 2012 along with the PPSR going live.
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.