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Welcome to NECSpress, the e-newsletter for the National Electronic Conveyancing System.
In this edition:
- Defining NECS Gathers Pace
- Mortgage Industry Sees Big Future with NECS
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At its meeting on 29 August 2008 the National Steering Committee reviewed its priorities in the context of the recent announcement by the Council of Australian Governments (COAG) about electronic conveyancing. The COAG announcement in July 2008 confirmed the intention of all Australian governments to establish a new entity to complete the development and implementation of NECS and oversee its ongoing operation. The Business Regulation and Competition Working Group (BRCWG) of COAG is to implement this commitment by the end of this year with agreed governance and funding arrangements for the new entity.
In light of this, the Committee decided that the work of developing the requirements for the National Electronic Conveyancing System (NECS) is to be its main focus from now on. The work of defining requirements is being carried out by:
Each of these groups is now working intensively to ensure that the requirements for NECS are completed by the end of this year.
The requirements are being captured in the NECS Requirements Definition (NRD). This document provides descriptions from a business perspective of the functional and non-functional requirements required in NECS as a definition of the system’s scope, environment and operating capability.
The NRD is not a systems specification but will be an input to the solution architecture and ultimately the detailed systems specification. Its purpose is to facilitate a common understanding among industry and government stakeholders of what the NECS will deliver.
Maximum stakeholder participation in the development of the NRD is essential if NECS is to provide a system that everyone wants to use, finds convenient and easy to use, and recognizes adds value to their businesses.
The latest draft of the NRD is now available on our website and updates are expected to be posted there early in October and December. Feedback on any aspect is welcome and should be forwarded to info@necs.gov.au.
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At a national forum organized by Lending Industry XML Initiative Ltd (LIXI) in Sydney on 10 September lending industry participants were enthusiastic about the potential for NECS to streamline their mortgage processes and make straight-through-processing (STP) a reality. The role of LIXI in developing the data standards for NECS was covered in the May NECSpress .
Presenters at the forum focused on the efficiency gains from STP and the role of common data standards in realizing its benefits. It was widely recognized among those present that NECS provides significant opportunities for improving current processes and delivering benefits to industry and consumers.
The theme of the National Office’s presentation at the forum was that “NECS gives LIXI data somewhere to go and LIXI gives NECS somewhere to start”. This simply means that data captured from the beginning of a mortgage transaction can flow right through to the end without the need for re-entering it many times as is currently the case. This reduces the risk of errors occurring and being passed on and improves efficiency for the ultimate benefit of consumers.
One presentation at the forum dealt specifically with the implications of NECS on the mortgage documentation and management process of the future and the opportunities NECS will provide for new service providers in the lending industry. Click here to view that presentation.
Collaboration and co-operation with industry has always been a key strategy of the National Steering Committee and the work with LIXI on developing common data standards is providing an effective means of revealing the opportunities and benefits NECS will enable.
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Want to know more?
Please check out the NECS website www.necs.gov.au or contact us at:
Level 2, 10-16 Queen St
Melbourne Vic 3000
Ph: 03 8626 4545
Fax: 03 8626 4546
Email: info@necs.gov.au
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