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AFSA and Fujitsu Develop Transactional System

"Undoubtedly the most major development in commercial and finance law for decades"

Associate Professor David Brown and Associate Professor Christopher, Co-Directors of the Bankruptcy and Insolvency Law Scholarship Unit at Adelaide Law School, University of Adelaide

The customer

The PPSR commenced operations in Australia in 2012. It provides a single point through which consumers, businesses and the finance industry can both register and search for security interests over personal property. AFSA is the agency responsible for management and operation of the PPSR. A wide range of personal property can be registered and searched for on the PPSR, such as machinery, cars, boats, crops, livestock and equipment, as well as intangible items such as intellectual property and financial property such as shares.

The challenge

The Personal Property Securities (PPS) reform addressed the complexity of over 70 Commonwealth, State and Territory laws, common law rules and rules of equity governing personal property securities.

The solution

Fujitsu developed, implemented, and now supports a transactional system, hosted on site in a government data centre, which provides online access to the Personal Property Securities Register (PPSR) for the public to search for security interests, and to record and manage security interests. A key aspect of the implementation was securely migrating over 4.7 million items from 23 closed registers and making them available via the new register.

The benefit

  • Reduce ongoing compliance and transactions costs faced by businesses in providing, registering and searching PPS by around $70 million per year2
  • Banks, businesses and consumers now have access to information from a single source
  • The PPSR is available 24/7 (excluding scheduled maintenance)
  • The secure platform minimises the risk of downtime
  • PPSR provides a modern and efficient personal property securities regulatory system which is essential for any modern financial system

Download

Download the full AFSA case study (249 KB/A4, 2 pages)