EC lists banks for Stage 1 Pilot

EC (Victoria) will begin testing their refinancing settlements model. Financial Institutions will be able to perform a discharge & registration of a new mortgage. My understanding this does not include the exchange of funds, simply the registration angle. Stage 1 will go live from 25 August 2006. And the participants are -

• ANZ


• Commonwealth


• Westpac


• Bendigo Bank


• Suncorp Metway


• Macquarie Bank


• Gadens (representing ING)


• Members Equity

Where's the NAB & St George?

Other news from the EC Project team is Stage 2 which is the full settlements model is not expected to be ready for roll out until late 2007. And after that is the national implementation under NECS.

All good stuff.