EC Stage 2

Stage 1 update
Stage 1 pilot is in full swing with all financial institutions who signed up to the EC Pilot having formally subscribed and using the system to process transactions.
At the start of April, Stage 1 will have been in production for over seven months. There have been 354 discharges of mortgage created and 346 of these transactions have been processed through to the Victorian Land Registry.
Release 1.2 was deployed on 14 May 2007 and allows subscribers to create new mortgages through EC.

Stage 2 preparations
Planning and preparation for the next phase of the Victorian Electronic Conveyancing pilot is continuing. Stage 2 will include financial settlement via the Financial Settlement Manager including the calculation and payment of duty to the State Revenue Office.
Rick Dixon (EC Project Manager) and Victorina Pena (EC Implementation Manager)recently visited solicitors and conveyancers in Geelong and Traralgon involved in the Stage 2 pilot. Participants are enthusiastic and looking forward to trialling the system in their geographic regions.

To prepare for Stage 2, a combined meeting between the Financial Institutions Operations Group (FIOG) and the Solicitors and Conveyancers Advisory Forum (SCAF) was held on the 18 April 2007. A demonstration of the stage 2 system was provided to the group. The meeting allowed participants to discuss common and interrelated
approaches and issues.

THe proposed start date is 16 November 2007

Source EC Express