ECV joins national standards body LIXI

In a further step towards the establishment of a national e-conveyancing system, the Victorian Department of Sustainability and Environment has joined LIXI.
The National E-Conveyancing Development was set up earlier this year to develop a national e-conveyancing system (NECS).
The establishment of such a system would offer lenders considerable cost savings when settling a mortgage.
Past projections have noted that a fully operational NECS would reduce the average cost of a major bank settling a loan from the mortgage preparation step to the registration step by about $68, representing a $46 million cost saving across the lending industry.
LIXI has been working with industry partners and other state titles offices for the past two years on the specification of the data standards to ensure that the internet-based transactions are compatible around the nation.
LIXI chief executive, Erik Fenna, said the news was positive for the industry.
“As a member based standards body, LIXI welcomes the opportunity to ensure that national data standards meet the requirements for the whole industry,” Fenna said.
“The successful take up of electronic conveyancing by industry requires common standards for communication across the states, regardless of the system ultimately being used.
“The inclusion of DSE with their ECV system of full online lodgement and settlement is an essential step toward the successful design, development and implementation of national electronic conveyancing.”
Chris McRae, executive director Land Victoria, in DSE said: “DSE is a keen supporter of national electronic conveyancing and I am confident that our membership of LIXI will assist in reaching that goal.”

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