LIXI selected for the National Electronic Conveyancing System

The National Electronic Conveyancing Office (NECO) has announced an agreement with LIXI to create common data standards for the National Electronic Conveyancing System (NECS).

The NECS project is a co-operative initiative governed by a National Steering Committee (NSC) consisting of representatives of government land administrations, revenue commissioners, lawyers, conveyancers, bankers and the information brokers and law stationers.

Whilst this is a complex process involving different jurisdictional and industry policies and practices, Simon Libbis, executive director of NECO, says announcing data standards is a major milestone.

“LIXI’s facilitation of data standards for the national roll out of electronic conveyancing is crucial to the project’s progression. LIXI has demonstrated world class innovation and we are very excited to have their expertise available for electronic conveyancing” he said.

According to Socrates Vasiliadis, this agreement solidifies the importance of one standard for the industry.

“This announcement means LIXI is validated as the data standard for the industry and delivers value to our members. This project will change the way transfer of ownership of property is managed and will help the whole settlement process become more simplified” he said.

Property transactions in Australia account for 28% of GDP. The benefits that are expected to flow from the National Electronic Conveyancing System are:

* consumer and practitioner convenience
* user efficiency and consumer benefits
* straight-through processing from dealing preparation to registration
* single interface for national businesses
* common functionality for users in all jurisdictions
* easier cross-border transactions
* transparent application of jurisdiction rule differences.

Industry uptake in LIXI membership has increased since companies are now able to join without licensing IP. Members can therefore join yet hold off on purchasing IP until they’re ready to implement e-commerce facilities in the future.

Source lixi.org.au