NECS NEEDS YOU!

At the first meeting of the National Project Team (NPT) on 20 May members were introduced to the work being done with LIXI and NICTA to develop a national data standard for NECS.  Barry Thomas from LIXI explained the purpose of the work, the importance of data standards in the NECS environment and why the next stage – the transactions between NECS and its industry users – is of vital importance to industry.  NPT members were enthusiastic about the potential of the work and of NECS generally to create opportunities for beneficial changes in the way industry participates in the conveyancing process.

What is LIXI?

Lending Industry XML Initiative Ltd (LIXI, www.lixi.org.au) is a not-for-profit co-operative of financial institutions, non-bank lenders, mortgage processors, software developers and finance industry service providers who collaborate in the development of data standards for communications between systems in the finance industry.  The benefit to NECS of working with LIXI is that many LIXI members are involved in the conveyancing process, principally with mortgages, and they have prior experience in developing data standards for efficient communications between systems.

Working with LIXI in the development of a National Electronic Conveyancing Data Standard (NECDS) ensures maximum re-use of data items and definitions already common in the finance industry.  LIXI has formed a working group of its interested members to explore the data requirements of organisations intending to communicate with NECS and to define the data items to be included in the standard. Participation in the NECDS Working Group is available to all members of LIXI and potential members can participate in anticipation of becoming members.  The most valuable participants are those who understand how their business works and can describe processes and data without getting technical. Are you the business expert in your organisation?

What is NICTA?

National ICT Australia (NICTA, www.nicta.com.au) is a government-funded research body that works in close collaboration with industry to solve problems and make breakthroughs in ICT which can be put to use for public benefit.  NICTA and LIXI have been working together for some time in bringing order to the processes involved in approving loan applications, securing property valuations, insuring mortgages and arranging settlements.  NICTA provides process modelling expertise and documentation that enables processes to be refined and made robust and sustainable for the future.

NICTA’s formal modelling of the NECS processes using Business Process Modelling Notation (BPMN) complements the transaction definition and data item identification necessary for the development of the NECDS.

Why are data standards important?

Data standards such as NECDS for communication between systems provide two important certainties.  They ensure that all users have the same understanding of what a data item being exchanged means and they allow systems to remain independent with communication handled via the common understandings of the data standard.  The common understandings of what data items mean by reference to a shared vocabulary ensure the communications are reliable.  The independence of the standard from either system means those sharing the data don’t need to understand how the other’s system works to ensure the data is used properly.

In an environment such as electronic conveyancing with a large number of systems of varying age and sophistication wanting to communicate with the NECS, the use of a published data standard is essential.

What can I do?

You can be part of this exciting development in conveyancing by participating in the NECDS Working Group. If you’ve done similar work before you are especially valuable and will be welcomed with open arms.  If not, get involved and see whether it’s for you.  Your knowledge of business processes and requirements in the mortgage financing and processing world will ensure NECS is a success and the future of conveyancing is electronic with faster, more convenient and more efficient system interactions for the benefit of industry and consumers.

Who can I contact?

For more information, contact either:

-  Your industry sector’s National Project Team Member
-  Ann Kinnear, Operations Manager, NECO Tel:  03 8626 4520 or email:  ann.kinnear@necs.gov.au 
-  Barry Thomas, LIXI Ltd. Tel:  0412 425 783 or email: bazzat@mac.com