On the January 30, 2012, the Australian Attorney-General's Department (AGD) made live the new Australian Personal Property Securities Register (PPSR), allowing all registered Australian finance organizations to electronically lodge, amend and remove interests in registered securities.
The move heralds the start of a fundamentally new approach to dealing with security interest in almost all assets other than real property.
It completes a lengthy process that involved amendments to over 70 pieces of Commonwealth, State and Territory legislation as well as consolidating over 40 previously maintained registers.
Whilst organizations still have the ability to manually enter and vary securities through an on-line web-entry system provided by the AGD, many of White Clarke Group's customers took advantage of the alternate web services based solution offered by the AGD, through the use of the WCG RegistryConnect component.
Colin Fleischmann, director WCG Asia Pacific explained: "The RegistryConnect Component provides a seamless gateway to transacting with the AGD PPSR, providing additional 'rules driven', automated processes of our CALMS suite (of which the RegistryConnect PPSR solution forms a component). This level of automation has been proven to deliver substantial business benefits in operational efficiency enabling key, knowledgeable and experienced staff to be re-focused on business management, generation and customer service."
He added: "The RegistryConnect is yet another way WCG is continually focussed on maximising product investment, not only research and development, but ensuring that our customers have the best technology to run effective and efficient businesses."