Cloud clearing over securities register
A four-day-old production backlog of Personal Property Securities Register registrations was set to start clearing overnight, a step that may help temper the frustration of banks and other users seeking to check or update the status of their security interests on the new register.Staff at the PPS Registrar advised users in a stakeholder update yesterday that they would seek to clear the backlog during a scheduled maintenance window late yesterday evening.Most of the backlog relates to bulk messages queued up within the mailbox system established for heavy users such as banks and information intermediaries.A second backlog relates to the "transfer all" function established to allow users to move entries in the register from one "secured party" to another, a process that many lenders have undertaken in volume since the register opened on Monday.Yesterday, PPSR staff advised one bank during the stakeholder update to defer plans to transfer registration details for 120,000 records until the present backlog was cleared.Controversy over the availability or otherwise of search certificates may also be abating, with some users reporting that they were now able to retrieve them from the system.Data quality issues continue to engage users and administrators.In one case, discussed during yesterday's update, Rural Finance, an independent finance company, complained that many of its secured interests were rolled up with those of Rural Bank. The two financiers are not connected. Registry staff also said they were working with Fujitsu, its system integrator, to devise faster search methods, mainly in relation to the top five search queries. The register already stores 1.5 terabytes of data.