Veda and NECDL Announce Strategic Alliance
Announcement posted by Veda 15 Jul 2013
Sydney, Australia; 15 July 2013: Veda, Asia-Pacific's leading provider of consumer and commercial data intelligence and insights, today announced a strategic alliance with NECDL (National e-Conveyancing Development Limited), the company responsible for delivering a national electronic conveyancing solution to the Australian property industry.
The alliance with NECDL will enable Veda’s customers to access Australia’s new property exchange, PEXA, through Veda’s on-line portal, VedaCheck.
VedaCheck provides lenders, lawyers and other professionals involved in mortgage and conveyancing processes integrated access to the broadest range of data available in Australia, to support search and assessment requirements for property settlements.
“Veda is the market leader in technology innovation in credit and mortgage value chains. We fully support the market transition to on-line property settlement and believe that tremendous efficiencies will be achieved once PEXA is in full flight. We are focused on delivering the best possible solutions to our customers, providing all the information that they need to make good decisions and saving them time and money in the process,” says Veda’s CEO Nerida Caesar.
“This strategic alliance will simplify property transactions for our customers. Lenders, conveyers and lawyers now not only have access to property, commercial and consumer data through VedaCheck, in the future they will also be able to complete the exchange of property.”
PEXA supports the exchange of property through the ability to perform lodgments and property settlements online in a simple transaction. This includes new mortgages, mortgage discharges, transfers, settlements, caveats and notices in one easy to use, intuitive electronic platform.
Marcus Price, NECDL CEO says “The relationship with Veda is an important step in uniting key players in industry behind this transformative shift from manual settlement to a fully integrated and automated on-line electronic capability. Veda is a very strategic partner for NECDL.”
VedaCheck subscribers will open an online workspace where Registry documents and settlement schedule are created and information is shared with all parties to the transaction. Once preparation is complete and the settlement date and time is reached, PEXA automatically lodges documents with the Land Registry, exchange loan funds and pay stamp duty and other third party beneficiaries.
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About Veda
Veda is Asia-Pacific's leading data intelligence and insights company and has been at the forefront of the information services industry for many decades.
Veda is built on the largest, most comprehensive and current data source in Australia and New Zealand. We hold more fit-for-purpose credit data than any other organisation in Australia and New Zealand, including information on 19.4 million credit-active people and 4.2 million companies and businesses. The breadth and depth of our data, and the knowledge it delivers, help customers take a proactive and informed approach in making decisions.
Veda serves a diverse range of markets including large financial institutions, small to medium-sized enterprises, and consumers. We provide services in areas of Consumer Credit Risk, Commercial Credit Risk, Credit Analytics, Data Solutions, Fraud and Electronic Verification, Insurance, Automotive, Customer Location Services, and Commercial and Property Solutions.
About NECDL
NECDL is the National e-Conveyancing Development Limited; a company formed in 2010 to fulfill a COAG agenda item to deliver a national electronic conveyancing solution to the Australian property industry.
NECDL is a company limited by shares with the key financial stakeholders being the Victorian, NSW, QLD and Western Australian Governments as well as a number of Australia’s largest financial institutions.
Like the ASX did for the exchange of shares, Property Exchange Australia (PEXA) removes the manual processes and paperwork associated with the exchange of property by allowing Land Registries, Financial Institutions and Practitioners to transact together, online, for the very first time.
With more than 1 million property transactions considered “in scope” each year, the unique PEXA platform will provide tangible time and cost efficiencies to the conveyancing industry by reducing the time spent preparing instruments, removing the need to physically attend settlement and using technology to greatly reduce the prevalence of errors and failures in land transactions.
For practitioners, this means the ability to provide savings to their customers through a direct reduction in disbursements and the increased efficiency of their service provision.