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LIXI selected for the National
Electronic Conveyancing System
The National Electronic Conveyancing Office (NECO) has
announced an agreement with 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.
Whilst this is a complex process involving different
jurisdictional and industry policies and practices, Simon Libbis,
executive director of NECO, 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.
According to Socrates Vasiliadis, 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:
- consumer and practitioner convenience
- user efficiency and consumer benefits
- straight-through processing from dealing preparation
to registration
- single interface for national businesses
- common functionality for users in all jurisdictions
- easier cross-border transactions
- transparent application of jurisdiction rule
differences.
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.
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