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NECDL: Electronic conveyancing of property transfers in Australia

Accenture supports NECDL design, build and run a system for electronic conveyancing of property transfers in Australia.

Overview

National E-Conveyancing Development Limited (NECDL) was incorporated in January 2010 under an agreement between the Victorian, New South Wales and Queensland governments to develop a national e-conveyancing platform for Australia. The delivery of a national e-conveyancing platform forms part of the Council of Australian Governments’ (COAG) micro-economic reform agenda and is one of the deregulation priorities under the National Partnership Agreement to Deliver a Seamless National Economy.

Opportunity
The process of registering land and property exchange in Australia has not changed since the mid-1850s. The current paper-based system for completing property transactions in Australia is both time-consuming and inefficient.

The national e-conveyancing system—to be known as “PEXA” (Property Exchange Australia) —is intended to remove the requirement to use paper-based systems for completing property conveyancing transactions, including the transfers of title and mortgage-related aspects, and the various associated payments.

The PEXA system will serve about 20,000 lawyers and property conveyancers across Australia, as well as the mortgage lenders and the land title offices in each state.

The delivery of the PEXA platform is set to streamline the exchange of property between vendors and buyers by allowing participants to electronically and securely share data and documentation for property transactions purposes. Additionally, the PEXA platform will assist NECDL in establishing an electronic service to lodge and settle property transactions, benefiting the state land title offices and banks, respectively.

Solution

Accenture has been appointed as the delivery partner for PEXA and will assist NECDL in developing a secure, electronic service allowing participants to share data and documentation for property transactions. Accenture will also provide application support, infrastructure support and hosting service for the PEXA platform. By sourcing NECDL’s PEXA design, build and run needs through Accenture, NECDL can reduce IT operating costs and operational risks and focus on readying their business for launching the service in early 2013.

Results
Accenture has also established a set of PEXA Readiness Services to assist organizations with their transition to e-conveyancing. A reduction in the paperwork required to process mortgages is likely to result in significant back-office cost savings for participating organizations. The building phase is expected to continue throughout 2012, with the first release planned for testing in early 2013. Electronic settlement delivery is forecast for 2014.