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Overview
Legal practitioners, conveyancers, banks and mortgage processors will access NECS either through system-to-system web services or an Internet browser.
Within NECS, a shared electronic workspace will be created for each property transaction. Within a NECS shared workspace, the parties will be able to electronically provide, certify and sign information that can be relied upon to update the Torrens Title Registers in each State and Territory.
Digital Signature Certificates issued under the Australian Government's Gatekeeper Framework will ensure all information lodged with or delivered from a NECS shared workspace is authenticated and cannot be repudiated.
Financial settlement through the Reserve Bank's Information and Transfer System (RITS) system will ensure all payments and disbursements are received promptly as cleared funds available for immediate reuse.
For more information on the scope of NECS visit What NECS Will Do. For more detail on how NECS will work see the National Business Model, NECS Operations Description and NECS Requirements Definition.