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LENDING INDUSTRY ECOMMERCE STANDARDS SELECTED FOR THE NATIONAL ELECTRONIC CONVEYANCING SYSTEM 14 May 2007 The National Electronic Conveyancing Office (NECO) has announced an agreement with standards body Lending Industry XML Initiative (LIXI) to create common data standards for the National Electronic Conveyancing System (NECS). The NECS project is a co-operative initiative governed by a National Steering Committee (NSC) consisting of representatives of government land administrations, revenue commissioners, lawyers, conveyancers, bankers and the information brokers and law stationers. The NSC’s independent Chair is Mr Les Taylor, former chief solicitor to the Commonwealth Bank. The NSC’s charter is to define, provision and implement the National Electronic Conveyancing System (NECS). Whilst this is a lengthy and complex process involving different jurisdictional and industry policies and practices, Simon Libbis, executive director, National Electronic Conveyancing Office, says announcing data standards is a major milestone. “LIXI’s facilitation of data standards for the national roll out of electronic conveyancing is crucial to the project’s progression. LIXI has demonstrated world class innovation and we are very excited to have their expertise available for electronic conveyancing,” he said. LIXI is a not-for-profit group whose members have developed e-commerce standards for the home loan application process. According to Socrates Vasiliadis, CEO of LIXI, this agreement solidifies the importance of one standard for the industry. “This announcement means LIXI is validated as the data standard for the industry and delivers value to our members. This project will change the way transfer of ownership of property is managed and will help the whole settlement process become more simplified.” he said. Property transactions in Australia account for 28% of GDP. The
benefits that are expected to flow from the national electronic
conveyancing system are: The agreement with LIXI will facilitate the development of national electronic conveyancing data standards to support NECS. It is invaluable that these data standards will be consistent with those currently used in the mortgage processing industry. ”NECS is excited to have the assistance of such an innovative organisation as LIXI”, Mr Libbis said. Industry uptake in LIXI membership has increased since companies are now able to join without licensing IP. Members can therefore join yet hold off on purchasing IP until they’re ready to implement e-commerce facilities in the future. About NECS The National Electronic Conveyancing System (NECS) is Australia's joint government and industry initiative to create an efficient and convenient way of completing property based transactions and lodging land title dealings for registration. In brief, NECS will be an efficient electronic means for legal practitioners, conveyancers and financial institutions to prepare dealings and related instruments, to register changes in ownership and interests, settle financial transactions (including duties, taxes and disbursements), lodge dealings with a Land Registry and receive confirmation of lodgement and registration. About LIXI LIXI has more than 85 members, including banks, non-bank lenders, broker groups, mortgage aggregators, mortgage insurers, valuers, solicitors and settlement agents. For more information about LIXI or to arrange an interview, please contact: Monique Fenech, IMPACT Communications Australia, 02 9519 5411/ 0400 635 811
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