Banks drop conveyancing pilot

The AFR reports the major banks had walked out of Victoria's electronic conveyancing system, known as ECV, which was to begin operating in November.

Without the bank's support there is no ECV.

The banks have invested heavily in ECV on the condition that it would be used as a model for the national system. The report continues the banks have become increasingly frustrated by a lack of dialogue between Victoria and the other states. They withdrew because Victoria has still to make its software available to the national body NECO.

In a letter to NECO, the Australian Bankers Association called for a national project team to be set up to improve co-operation. "Only through a national project ... can banks and other stakeholders approach a NECO project with confidence that there is one project, one process and one national outcome. Without this the banks will not be able to recommit to work on a project that lacks any certainty of a national roll-out or application"

Bendigo Bank is one of the few entities still in talks with the Victorian Government about the state's electronic conveyancing system (ECV).

Extracts from Australian Financial Review Matthew Drummond 3/9/07

copy articles