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E-CONVEYANCING SANS FRONTIERES THE DEVELOPMENT OF AN ELECTRONIC CONVEYANCING SYSTEM FOR AUSTRALIA

E-CONVEYANCING SANS FRONTIERES THE DEVELOPMENT OF AN ELECTRONIC CONVEYANCING SYSTEM FOR AUSTRALIA. A Presentation for the Registering the World Conference Dublin 26 – 28 September 2007 by Simon Libbis Executive Director. A BIT OF BACKGROUND. Australian Federal System Torrens Titling

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E-CONVEYANCING SANS FRONTIERES THE DEVELOPMENT OF AN ELECTRONIC CONVEYANCING SYSTEM FOR AUSTRALIA

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  1. E-CONVEYANCING SANS FRONTIERES THE DEVELOPMENT OF AN ELECTRONIC CONVEYANCING SYSTEM FOR AUSTRALIA A Presentation for the Registering the World Conference Dublin 26 – 28 September 2007 by Simon Libbis Executive Director

  2. A BIT OF BACKGROUND Australian Federal System Torrens Titling State Revenues from Land Transactions The Settlement Process From Paper to Digital

  3. THE NEED FOR A SYSTEM WITHOUT BORDERS State based land administration National regulation of major players Commonwealth digital signature standards National operations by trading banks Commonwealth identification protocols Existing central bank settlement systems Economies of scale

  4. WHAT IS NECS? Australia’s joint government and industry initiative to create an efficient and convenient way of completing property transactions and lodging land title dealings for registration

  5. Settlement FinancialInstitutions Enabled Subscriber N E C S FSM RBA Preparation NECS Browser Interface Client Subscriber LSP Browser Interfaces NECS Web Services LSP LSP Web Services NECS Web Services Client EnabledSubscriber Compliance & Lodgment User RO1 User LR1 RO2 LR2 User User WHAT IT WILL LOOK LIKE

  6. NATIONAL STEERING COMMITTEE Independent Chair ACTRep NT Rep NSW Rep VIC Rep QLD Rep SA Rep WA Rep TAS Rep ABA Reps (2) LCA Reps (2) AIC Rep SRO Reps (2) Broker/ Law Agent Rep NATIONAL OFFICE Directed by National Steering Committee Informed by State Project Teams & National ConsultationForums STATE PROJECT TEAMS NATIONAL CONSULTATION FORUMS ACT NT NSW VIC QLD SA WA TAS System Access & Usage Lodgement Process & Security User ID Accreditation & Training Settlement Process & Payments HOW WE RUN THE SHOW NOW

  7. 24 Mths 36 Mths 48 Mths 12 Mths • Setting-Up • governance • model confirmation • commercial viability • detailed planning • Building the NECS • - specifying • provisioning • testing • commissioning • Readying Jurisdictions • legislation, policy, system and practice changes Engaging & Converting Users - communication, education, training and support THE GRAND PLAN

  8. MAKING SURE IT PAYS FOR ITSELF • Define market size & take-up rate • Estimate start-up & systems build cost • Develop business cost structure • Construct pro forma profit & loss, balance sheet and cash flow statement • Set success criteria & tweak fee levels • Test sensitivities

  9. THINGS THAT COULD GET IN THE WAY Implementation delay Reduced market size Delayed take-up Increased costs Errors and fraud

  10. WANT TO KNOW MORE? Contact Simon Libbis - Executive Director, National Electronic Conveyancing Office at: Tel: +61 3 8626 4545 Email: simon.libbis@necs.gov.au Web: www.necs.gov.au

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