MBIE have announced a new PPSR technological release
Intersoft Systems Limited the writer of the software, have advised that only finPOWER Connect software will be upgraded to include this technology.
HHA Associates Limited have launched a new Project to work with clients to get ready for this change.
- finPOWER 5 users - over the next few months we will be in touch to discuss your software upgrade options
- finPOWER Connect users - we will keep in touch to upgrade your software as new releases come available
What if I don't Convert to finPOWER Connect?
If you use finPOWER 5 Security / PPSR module and do not convert to finPOWER Connect by the roll out, you will be manually uploading and discharging Security Details into the PPSR! Costly and inconvenient!
Please do not hesitate to get in touch if you require further information or wish to view a demonstration of the finPOWER Connect software.
Checklist for PPSR Go Live
Setup individual RealMe logins - Do Now!
RealMe logins are for Individuals and NOT Organisations. www.realme.govt.nz
Subscribe to the API - Do Now!
Do not subscribe to any APIs other than the PPSR and NZBN (if required).
Configure Global Settings - Do Now!
Once subscribed to the API, you will be able to generate the Consumer Key and Consumer Secret that can be entered into Global Settings. Please note: do not tick the "Use new PPSR API?" at the top of Global Settings, Securities, PPSR NZ page until the GO LIVE Date.
Run the NZBNCUP Script - Do Now!
If you have Organisations within your database, you will need to run this script which will update the NZBN for all existing Clients. Please note: before running the script, make sure the Production Key & Secret has been entered into "Global Settings, Clients, NZ Government". Use the Production credentials and not Sandbox.
Setup the PPSR User and Organisation - Do Now!
Everyone must belong to an Organisation, so set up the first user and organisation, then create the others after.
Setup Direct Debit Authority - Do Now!
Add Additional PPSR Users - Do Now!
We recommend that at least two Administrator Users are created and linked to your PPSR Organisation.
After Go Live- 1st October 2018
Add SPGs (Not available until Monday 1st October 2018)
Go to "Manage My Portfolio", "Secured Party Groups" and "Create" or "Add to My Portfolio" SPGs. If the SPGs have been created by someone else within the Organisation or you are using SPGs migrated from GB, then use "Add to My Portfolio", making sure you have the Secured Party Group ID and Password.
- Existing PPSR will cease at 5pm on Friday 28th September 2018
- New PPSR will commence on Monday 1st October 2018
Prior to go live the URL is https://ppsr.companiesoffice.govt.nz/
This changes to https://www.ppsr.govt.nz
when the new PPSR goes live
In preparation for the rPPSR MBIE has released a PPSR User Onboarding Guide. This steps you through the processes you need to get ready for the rPPSR.
Additional Resources and Guides to help you get ready for the rPPSR can be found here
Guidelines and Information for PPSR Go Live
We are nearly there........
Please note that finPOWER Connect will not automatically switch over to the rPPSR interface. finPOWER Connect will only start using the new PPSR once the "use the new PPSR API?" checkbox in Global Settings has been checked.
A new version of finPOWER Connect is due to be released the week of 27th August 2018 (V3.1.5), for those on older versions we will be in contact to organise a database update to version 3.1.5.
During the weekend of 29th and 30th September 2018, the data in the existing PPSR will be migrated to the new PPSR. During this period the PPSR will not be accessible, e.g. to register a new Financing Statement or to search the Register. For this reason, services from MotorWeb and Centrix that use the PPSR will not be available, i.e. MotorWeb Vehicle Reports and Centrix Wheels Reports will return a failure message.
You will need to carefully consider how this will affect your business and plan accordingly. For example;
- If you cannot check to see if there is a Security Interest on a Motor Vehicle, should you be trading a Motor Vehicle?
- If you cannot Register an Interest in a Motor Vehicle (or any other Collateral), should you be lending on it?
- Do any of your business processes, especially automated ones, involve a PPSR Search or a MotorWeb or Centrix Wheels check? If so, what happens if these services are unavailable and return a failure error?
Make sure you have the proper procedures in place to handle these scenarios, and do not make bad lending decisions.
MBIE expects no issues and have undertaken extensive testing internally and externally with vendors and stakeholders such as Intersoft Systems Limited. However, there is always the possibility that an unforeseen complication in the data migration might occur In this unlikely event, MBIE has a contingency to stay with the existing PPSR, i.e. the old PPSR website and G2B interface will continue on Monday.
In addition, MBIE cannot rule out an issue that means soon after the new PPSR goes live they have to revert or roll-back to the old PPSR website and G2B interface. It is very hard to determine how a scenario like this might play out, but it would be only done as a last resort. It may mean you would have to re-register Financing Statements in the old PPSR system.
To be proactive we suggest the following:
- Process Renewals whilst still use the PPSR G2B interface
- For example, during the week of 17th September 2018, process renewals due to expiry prior 12th October 2018.
- Avoid processing Amendments, Discharges and Renewals in the new PPSR for a period of time. We suggest one week.
- You should continue doing all Registrations and Amendments that involve a Collateral.
New D-Day for PPSR
The new PPSR will now be going live on Monday 1st October 2018. The cut over will start at 5pm on Friday 28th September 2018 with the old register being taken offline. MBIE will be working over the weekend to convert all data to the new platform, with the new register back online on Monday 1st October 2018.
Training for clients that will be using the web-based PPSR is being run by MBIE. You can register for theses sessions here.
For those of you that use PPSR you should now or be in the process of converting from finPOWER to finPOWER Connect in preparation for the final release in the coming months. Intersoft Systems Limited will be releasing more detailed instructions and guides for using finPOWER Connect and the PPSR Interface once MBIE confirms the processes and practices.
The latest information on the PPSR change over, and how it affects finPOWER Connect clients is available here.
We have been advised that MBIE is in charge of the project to replace the PPSR (rPPSR) and they have announced the appointment of the Vendor that will assist in the design and build phase of the rPPSR. In a recent release, the MBIE advised that some of the changes the rPPSR will encompass:
- New PPSR APIs (or G2B web services) will be significantly different to the current versions and will add PPSR services currently available only on the website.
- New PPSR website - improve usability and keep it nice and simple
- New API (or G2B) - authentication model - no need to download and install G2B certificates each year
- New user authentication model - you will need RealMe® to use the PPSR website and to set up your API access.
What does this mean for you?
The rPPSR has a provisional Go Live date of September 2017 meaning anyone wanting to work with the rPPSR will have to:
- Migrate off the older version of finPOWER, and
- Be on the latest version of finPOWER Connect
If you have not contacted us to discuss migrating from finPOWER to finPOWER Connect then this should now become a top priority.