27 March 2018

Teething problems and mistakes are great opportunities for learning, fine tuning and perfecting.

But learning from your own mistakes can be bitter. Learning from others is better.

Since the PPSR was introduced in 2012, EDX, from Equifax, has been advising businesses on the PPSA and PPSR.

Since then, we’ve also been observing our clients, the business community, and legal experts on ways to make the PPSR easier to use and manage.

And what we’ve learned is this:

  • PPSR compliance is tricky and it’s far too easy to make mistakes; and
  • Mistakes are costly. And PPSR mistakes can be unforgiving because they can end up costing you your business and livelihood.

It may sound simple, but even simple mistakes can be costly when it comes to the PPSR.

With all of this in mind, and after reviewing thousands of incorrect registrations, we set about creating a PPSR solution that would cut out many of the mistakes that have rendered registrations void or less effective.

Basically, we’ve taken on board the bitter lesson learned from other businesses that have, unfortunately, lost thousands and even millions of dollars of property, so you don’t have to.

The end product is a unique application called ESIS, which we consider the “PPSR Made Easy” option.

Why is ESIS ideal for PPSR?

It’s an application specifically designed to ensure all your registrations are created correctly, and on time.

The application has validation rules to help you comply and get it right from the outset, such as grantor verification.

It’s got templates to make it easier and faster to register. In fact, using ESIS takes only 25 seconds to create a registration for a new customer.

And it monitors expiring registrations, which becomes more and more important as the PPSR matures.  

The convenience of ESIS can also be worked into an automated credit application system.

So, when you do open a new customer credit account, a PPSR registration is triggered with ESIS at the same time. This eliminates registrations falling through the cracks or falling foul of human error. 

ESIS is a product unique to EDX from Equifax and clients love it because it helps eliminate nasty compliance surprises.

But it’s not the only thing that makes PPSR life easier for our clients.

Other EDX services include:

Assurance Review

An auditing service that runs a fine-tooth comb over your existing registrations, making sure there aren’t any compliance issues and fixing up any problems. This review process is a critical part of the EDX service.

Managed Service

A complete PPSR service whereby we create, manage and renew all your registrations, ensuring they’re watertight compliant.

Experience

Apart from extensive PPSA and PPSR experience, our EDX brokers have more than 60 years’ combined experience in insolvency. So, they’ve sat on the other side of the negotiation table and know how the game is played – and won.

For more information about ESIS and how EDX from Equifax can help, please email us and a PPSR Specialist will contact you.

 

Disclaimer: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstance before acting on it, and where appropriate, seek professional advice from a finance professional such as an adviser.