Veda and NECDL Announce Strategic Alliance
Sydney, Australia 15 July 2013: Veda, Asia-Pacific's leading provider of consumer and commercial data intelligence and insights, today announced a strategic alliance with NECDL (National e-Conveyancing Development Limited), the company responsible for delivering a national electronic conveyancing solution to the Australian property industry.
The alliance with NECDL will enable Equifax's customers to access Australia's new property exchange, PEXA, through Equifax's on-line portal, VedaCheck.
VedaCheck provides lenders, lawyers and other professionals involved in mortgage and conveyancing processes integrated access to the broadest range of data available in Australia, to support search and assessment requirements for property settlements.
"Veda is the market leader in technology innovation in credit and mortgage value chains. We fully support the market transition to on-line property settlement and believe that tremendous efficiencies will be achieved once PEXA is in full flight. We are focused on delivering the best possible solutions to our customers, providing all the information that they need to make good decisions and saving them time and money in the process," says Equifax's CEO Nerida Caesar.
"This strategic alliance will simplify property transactions for our customers. Lenders, conveyers and lawyers now not only have access to property, commercial and consumer data through VedaCheck, in the future they will also be able to complete the exchange of property."
PEXA supports the exchange of property through the ability to perform lodgments and property settlements online in a simple transaction. This includes new mortgages, mortgage discharges, transfers, settlements, caveats and notices in one easy to use, intuitive electronic platform.
Marcus Price, NECDL CEO says "The relationship with Veda is an important step in uniting key players in industry behind this transformative shift from manual settlement to a fully integrated and automated on-line electronic capability. Veda is a very strategic partner for NECDL."
VedaCheck subscribers will open an online workspace where Registry documents and settlement schedule are created and information is shared with all parties to the transaction. Once preparation is complete and the settlement date and time is reached, PEXA automatically lodges documents with the Land Registry, exchange loan funds and pay stamp duty and other third party beneficiaries.