The National Office of NECS has signed an agreement with the non-profit organisation, Lending Industry XML Initiative (LIXI), which develops standards for movement of electronic data within the Australian lending industry.
The agreement will allow each jurisdiction to become a member of LIXI in their own right, working with LIXI on the standards.
LIXI chief executive officer, Erik Fenna, said LIXI can get land registry and revenue offices to agree on data standards, which is the major obstacle.
“We can. That is one of the real core aspects of LIXI’s role, which will be in less than twelve months.
“We have to have data standards agreed by mid 2009, which is based on the Council of Australian Governments (COAG) timeline of having NECS up and running in 2010.”
Fenna said there is still a lack of support from the main beneficiaries, such as the major brokers and lenders.
“Lenders always give me the message, that unless there is a measurable cost benefit to them, no project will make it to the top of the list.
“There is a cost benefit to them here, but without measuring it, I can’t see it making it to the top of the list either. The cost savings to the parties are once the interfaces have been designed and implemented.
“Lenders have to be involved to make sure it’s right; Commonwealth Bank is heavily involved.”
Fenna said some states are contributing more than others, with New South Wales currently contributing the most.
“Victoria is contributing the least because they built a Victorian conveyancing platform themselves; that is being analysed for suitability nationally, but inherently, being a single state system, it can not be used as is.”
Fenna said the conveyancing legal aspects sit with the titles and revenue offices.
“As I understand it, the responsibility for accurately documenting those requirements is with the various state offices, so the titles and revenue offices, the people who are associated with the legislative and regulatory aspects of the conveyancing.
“They are critical parties to the NECS system design, as they bring in other people, subject matter experts to deal will various components of that.”
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