Managing Secured Parties
Depending on the complexity of their business operations, many financiers are finding that they need to have multiple Secured Party Groups, and management of these can be confusing and awkward.
For example, you may have regional offices or independent processing teams, or choose to outsource different types of registrations work to skilled law firms or service agents in each case. Under these circumstances controlling what each group can do and restricting their scope of duties can become problematic, and it can be difficult to trace back which registrations are being done by which team.
Furthermore, on creating a registration, PPSR send back the registration Verification Statement and Registration Token in separate email attachments. Keeping track of this data and storing it for the lifetime of the security interest can create burdensome processes which slow down your business practices.
Our Secured Party Group (SPG) Management tools enable you to create different SPGs as appropriate for your business, carefully and securely manage who has access to what functions, and be able to track the activity conducted in each case. Enabling staff to conduct follow-on activities on registrations (for example, amendments or discharges) using your stored Secured Party Group information reduces the need to manage Tokens for the lifetime of the registration, and these can be issues anew a settlement.
If you work as an agent, you are able to manage activity for multiple clients seamlessly, and restrict access to certain client’s SPGs to specific staff within your firm. Once a client has authorised you to have access to their SPGs, our system takes care of keeping Access Codes secure so that you don’t need to create procedures for managing that information.
Key Benefits of GlobalX’s Secured Party Group (SPG) Management system
- Easy to create or import SPG details
- Easy to assign SPGs to specific staff
- Secure encrypted storage of SPG Access Codes
- Minimise the need to store and manage Registration Tokens
For more information about our PPSR Solutions, request your copy of the GlobalX PPSR Products and Services Guide from the PPSRCheX Team at support@ppsrchex.com.au or call 1300 850 905.