Registrar’s Q&A — Personal Property Securities Register 2018

A new and improved PPSR will launch this October, so we’ve talked to Registrar Ross van der Schyff about the changes, why they’re necessary, and what’s being done to support customers through the transition.

Why change the PPSR register and website?

The Personal Property Securities Register (PPSR) has been operating successfully since 2002, contributing to New Zealand’s growing reputation as a leader in modern securities registration.

In 2017, we were ranked first in the world both for obtaining credit, and ease of doing business, helped by the PPSR’s ‘strength of legal rights’ and ‘depth of credit information’. (World Bank Ease of Doing Business Rankings)

To maintain its effectiveness and reputation, and to reduce the risks and costs associated with ageing technology, this year we’re undertaking an across-the-board redevelopment of the register and website, with the new PPSR launching on 1 October 2018.

How does the register work?

Creditors who record a security interest on the register have a priority claim over the personal property should a debtor default, giving them a better chance of recovering the property, or its value.

Consumers can search the PPSR to check whether there’s money owing on personal property they’re interested in buying, particularly in relation to high-value items such as motor vehicles.

The register is also useful in helping to decide whether to lend money or lease property, as searching the register can show whether the debtor has other security interests registered against them, or over the property they are proposing to use as collateral.

There are currently more than two million active financing statements on the PPSR, for personal property including motor vehicles, equipment, livestock, investment securities and documents of title – in fact, any personal property other than land, buildings and large ships.

There have also been three million searches of security interests on the PPSR in the past 12 months.

By registering, and searching, on the register, individuals and businesses are able to protect their financial interests, reduce investment risk and make more informed financial and purchasing decisions.

What’s different about the new PPSR?

Given the proven success of the PPSR, legislation and core functionality will remain fundamentally the same.

However, as part of the upgrade we’ve introduced a number of important changes to improve the user experience. These include recognition of the New Zealand Business Number (NZBN) and utilisation of the RealMe® login.

The NZBN has an important role to play in improving the utility of our business registers. As more of our registers are moved to a common platform, the NZBN eliminates unnecessary duplication of key information during registration, and allows for quick and easy cross-register search.

To access the new PPSR website, each user will now require a RealMe login that will replace his or her PPSR user ID and password. RealMe is a universal login used by most government websites, and provides secure access to online services with a single username and password. Customers can use their existing RealMe login or create a new one via the new PPSR website when registering. There’s no need to verify their identity with RealMe.

Who’ll be most affected by the changes?

Our Application Programming Interface (API), previously Government to Business (G2B) customers – those who have PPSR functionality integrated within their business systems – will need to upgrade their systems and have them ready to go live the same day we launch the new PPSR.

We’ve been working closely with the API community for more than two years – establishing a dedicated reference group and an online forum – which have allowed us to maintain a meaningful two-way conversation throughout the redevelopment process.

What is being done to help users transition to the new PPSR?

We’re helping customers to prepare for the changeover with a variety of training events, including presentations, live webinar sessions, recorded webinars and help videos.

Interested parties are invited to register online.

In order that our API customers have full connectivity on launch day, we’re also simulating the go-live with them. This involves giving them access to the API test environment, and conducting dress rehearsals following each build release.

Uninterrupted access

From 10 to 26 September 2018, API and website users are encouraged to set up their new PPSR online services accounts, to ensure they have uninterrupted access to the PPSR when the new register goes live on 1 October 2018.

To facilitate the process, we will publish an on-boarding guide with step-by-step instructions on how to create RealMe login, set up an online services account and direct debit in early September.

If you have questions about the PPSR and the coming changes, contact the PPSR replacement team at ppsrreplacement@ppsr.govt.nz