NZ Bank or Finance Co

As a New Zealand bank or finance company, you will by now be fully familiar with PPSR and will have developed your own processes for registration. If everything is running smoothly and efficiently – congratulations! If not, please consider how EDX can benefit your business:
1. Automation <click here>
2. Validation of vehicle details against Land Transport Safety Authority (LTSA) records <click here>
3. Specialised PPSR management for complex or syndicated deals. <click here>
 
Automation
When PPSR first came in, you may have lacked the volume of transactions to warrant building your own link in to PPSR. For users like you we developed our Securities Information Database (SID) which gives all the “touch and feel” of a direct link in to PPSR at a fraction of the cost.

SID enables online registration, amendment, discharge and renewal of financing statements and holds all registration details in a fully searchable database. You may expect to see substantial productivity gains and improved risk management from using SID.
 
Additionally, for customers who have been manually registering for some time we can obtain full details of all your current registrations and “pre-populate” SID so as to give a confirmed opening position for ongoing registry maintenance purposes. Please contact us and we will meet with you to assess your needs and how EDX can best assist <contact us>
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Validation of vehicle details
We all know that there is significant risk in entering vehicle details on to PPSR and that the consequences of getting it wrong may be that your security is invalidated. The two major areas of risk are:
  • Mistakes in the VIN
  • Registration plate change
     
Even where there is diligent rechecking of information, the error rate can be unacceptably high. From work we have completed for reputable clients we have established an average error rate of 25-30%

Common mistakes with VIN numbers include the operator entering:
“0” instead of “O”
“Z” instead of “2”
“Z” instead of “S”
“5” instead of “S”
“1” instead of “l” etc.

Such mistakes are almost impossible to identify with a visual check – an automated solution is required.

In order to give clients greater assurance on the accuracy of registrations we have developed an automated validation method which cross checks the details entered on to PPSR against LTSA records. A major advantage for our clients is that data is sourced direct from the Ministry of Economic Development and there is no impact in your environment.
 
The output is a report which lists vehicles under the following headings:
  • NF – not found in LTSA which is normally an error in the registration number entered in to PPSR.
  • VIN – VIN mismatch between the number entered in to PPSR and the LTSA record.
  • VA – successfully validated against LTSA, which gives you the assurance that your PPSR registrations are correct for VIN and registration number
The report will also give the debtor name and (if recorded) a debtor reference.
This enables you to process amendments through your chosen PPSR registration method, quickly and efficiently. <to enquire about LTSA validation click here>
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Specialised PPSR management services
If you are a high volume user with your own G2B link direct in to PPSR, the chances are that your system was designed to accommodate a “typical” business profile. When something out of the ordinary comes up, this is where EDX can come in to its own.

As an example, we act for the syndicate manager of a banking consortium with a large New Zealand exposure. The debtor company frequently buys and sells vehicles in normal course of business within limits set in the facility agreement. We provide a fully outsourced PPSR service to the syndicate manager to register new vehicles and providing the level of dealing is within the terms of the facility agreement, to discharge sold vehicles. Periodic reports are provided back to the syndicate manager for audit purposes.

<to enquire about specialized PPSR services click here>
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