Albany-based EDX has seen an opportunity of its own kind in the launch of the government’s online Personal Property Securities Register.
The company aims not only to help small businesses record securities on the register, but also to earn enough money to further an IT-assisted social objective.
EDX has developed a service to help small and medium-sized businesses equip themselves for compulsory recording of securities on the register by the October 31 deadline. There are two ways to enter records into the register: individually through the website, or in bulk, through what is known as the G2B (government-to-business) interface. The second option needs client software installed in the computer carrying the customer’s own loan records.
Companies that won’t have a high volume of ongoing registrations won’t want to go to the trouble of setting up a G2B interface, says EDX director Mary Bayne. They will also balk at the idea of doing an initial upload of perhaps tens of thousands of existing customer records individually through the website. “The website is quite slow [at uploading],” Bayne says. They may also not be immediately confident that their data is accurate enough to meet the standards of PPSR.
EDX has developed a database of its own, known as SID (securities information database), into which a smaller company can drip-feed its data and amend. When ready, the data will be uploaded to the PPSR system, which employs an Oracle 9i database system with XML capability, using EDX’s own G2B connection.
One aim of the SID scheme is for EDX to make enough money to pass on to its big dream project, Afina. This aims to ease the lot of low-income people by drawing together a number of agencies’ resources to help them organise their lives.
Help organisations and advisers in matters like budgeting and health will come together with an electronic network and database, where they can find the multiple aspects of a client’s life and the assistance he or she is receiving.
The Stephen Tindall foundation helped finance the design of Afina, but EDX is now looking for sponsorship from a hardware or software vendor or integrator to see the system through to implementation.