New Personal Property Securities Register goes live today!
Sydney - 30 January 2012 -- Veda, Australasia's leading provider of commercial and consumer data intelligence and insights has been at the forefront of the information services industry for many decades. The launch of the federal government’s Personal Property Securities Register today, signals a new era for businesses and consumers across Australia. The PPSR brings significant changes to existing Australian business practices, from commercial lending and trade credit, to leasing, legal and professional services.
The PPSR will impact day to day business processes, documentation, systems and the management of risk. The PPS Register consists of a list of assets and has functions to register, search and maintain asset information. “The PPSR brings great opportunity, but organisations need to ensure that they understand the changes to their business practices. By registering your security interests on the PPSR, your business will be at a lower risk from the bad debts of partners and suppliers. And, it will better your business’ position in the list of creditors in the event of insolvency or liquidation. Registering your interests on the PPSR should be an integral part of good practices in credit management and will help protect your business,” explains Moses Samaha, Head of Commercial Risk at Veda.
Veda has been working with its customers to prepare for the new PPSR, including helping many businesses to pre-load their registrations. CNH Capital is one of those customers: “CNH Capital provides secured finance to more than 23,000 retail clients and nearly 250 wholesale clients for a range of agricultural, construction, and transport equipment. It is key for our company to make sure that our assets are secured in case of default or liquidation by a customer, and therefore accurate registration of these interests on the PPSR is essential. We partnered with Veda as they were able to provide us with a solution which ensured a smooth migration to the new PPS register. Furthermore, the team at Veda helped us to validate our data and achieve so-called perfection of security interest registrations under the new legislation. Come 30 January, when the PPSR goes live, we'll be completely ready for it thanks to Veda's support”, said Michael Jonson, CNH Capital Australia Managing Director.
Veda’s solution is designed to sit on top of the PPSR to help customers engage with it more efficiently and cost-effectively:
- Veda makes interaction with the PPSR easy and reliable. When registering your interests, the Veda solution will do an automatic check to validate the data you are entering into the PPSR, ensuring it is complete and correct.
- Veda simplifies interaction with the PPSR. If you need to upload multiple registrations, you can use the Veda bulk upload function, rather than having to do each separately.
- When you do a search, reports will be simple and easy to read. With Veda’s PPSR solution, you can also bundle the PPSR report into a full credit report reducing time and effort.
“Veda’s PPSR solution is designed to make your business run smoother and more time and cost efficient. Registering security interests will protect your business in the event of insolvency. As experts in credit management, we have the knowledge and the experience to help you get the most out of the PPSR,” says Moses Samaha, Head of Commercial Risk at Veda.
For more information on the PPSR or how Veda can support your business, check out www.veda.com.au/ppsr.