Veda and the AIC partner in the move to e-Conveyancing
Sydney, Australia, Monday 17 March 2014: Veda, the data analytics company and leading provider of credit information and analysis in Australia and New Zealand, has today signed a National Business Partnership agreement with the Australian Institute of Conveyancers (AIC), to help prepare the industry for the transition to e-Conveyancing.
In preparation for one of the most significant changes to property transactions this century, the partnership with the AIC will allow Veda to work with the peak conveyancing body and its members in the transition to electronic conveyancing.
The AIC is the recognised conduit for providers of services to the conveyancing profession through its wide ranging business partnership program with selected and valued industry associates.
Carol Chris General Manager, Commercial & Property Services says, “This is an exciting time for the industry which will lead to faster and more accurate online settlement. When you consider there are over one million property transactions a year in Australia, the move to e-Conveyancing presents a big opportunity for the industry in terms of speed and efficiency.”
As a sponsor of Property Exchange Australia (PEXA), Veda is well placed to support their customers make a seamless transition from the current manual settlement process to the future e-settlement process. Veda’s existing capability with online verification identity (VOI) further enhances the service to their customers with the ability to offer title searches online, should this become part of the PEXA registration process.
The move to e-Conveyancing is a two staged approach. Stage one commenced in late 2013 with select land registries and financial institutions integrating into PEXA. Stage two will commence in late 2014 when land registries and financial institutions will continue to be brought on board, and practitioners will also be invited to join.
Recently hosting round tables for the industry, including conveyancers and practitioners, Veda facilitated industry discussion into the new world of e-conveyancing. The AIC and PEXA presented at the forums and according to Rosemary Cotton, National Secretary, AIC “Veda’s roundtables were a good opportunity to share ideas and have valuable discussion about this impending change and what it means for the industry.”
According to Chris, “We know this is a big change for the industry and we want to make it as easy as possible for our customers. We’re putting a lot of effort into the training and education to support them. The round tables were a great start and something we plan to dedicate ongoing effort to, in helping our customers to transition to e-Conveyancing.”