The chain matrix requires case-management systems to talk to each other, says Mark Riddick
E-conveyancing is not merely a matter of using technology to make information exchanges between the Registry and solicitors more efficient.
There is much support for the Registry’s plans for a more efficient interface. E-conveyancing should be seen as an opportunity to improve the efficiency of that part of the property transaction process managed by the conveyancer. Simultaneous online communication, e-payments, e-signatures and e-filing will become a reality and will provide an electronic audit trail for each transaction.
New developments
E-conveyancing has been evolving, via the NLIS system, for a number of years. Several key elements are already in operation, including the electronic provision of deeds, the filing of land transaction returns and access to online searches.
In addition, the e-conveyancing search channels have established the necessary online community that enables the Registry’s plans to become a reality. SearchFlow alone has almost 3,500 conveyancing firms using its online search facility.
However, technological changes are being implemented to ensure that all those involved in the property chain will be able to communicate automatically and to share critical data in an e-environment.
For example, the chain matrix requires many different systems and case-management applications to “talk” to each other. The Property Information Systems Common Exchange Standard (PISCES) represents the best way of exchanging the information necessary to establish a chain matrix. A major concern with the Registry’s plans is that it appears to be eschewing this opportunity in favour of its own central hub. However, the use of PISCES continues to increase throughout the real estate industry, revolutionising the way in which e-information is exchanged and shared and removing inflexible manual, paper-based processes.
Using XML technology, PISCES enables the automated electronic transfer of data directly from one software application or system to another, thereby removing the need to send a hard copy and, more importantly, the need to rekey information manually. For example, a referral from an estate agent could take place automatically by e-transfer from the estate agent’s system to that of the conveyancer. In addition, the integration of online search systems and the conveyancer’s case-management application is bringing major operational efficiencies to the property transaction chain.
Ultimately, e-conveyancing will benefit each party in the property chain because it will transform the transaction process from a time-consuming and uncertain chore to a simple online task.
Cloud on the horizon
Simultaneous online communication between all parties in the chain and the introduction of e-payments will become a reality. This will create an audit trail, which can then be filed electronically. The combination of initiatives such as e-conveyancing, NLIS and PISCES will transform property transactions and deliver the efficiency that the government is eager to establish before the launch of HIPs.
One cloud on the horizon, however, is the tortuously slow progress of local authorities in electronically connecting to NLIS and the adverse effect that this will have upon the introduction of the seemingly inevitable HIPs. HIPs will not work unless local authorities can provide searches electronically.
Mark Riddick is the chief executive of SearchFlow and the chair of PISCES
