New service allows efficiency gains when processing mortgage and land register transactions
With Terravis, SIX now offers a fiduciary management service for registered mortgage deeds for banks. From June 2013, UBS will be the first client to use the new service and transfer the management of its registered mortgage deeds to SIX. SIX will therefore act as an interface between UBS, on the one hand, and the notaries and land registers, on the other. SIX will play the role of the mortgage creditor on behalf of and for the account of UBS in mortgage-related transactions (e.g. creating a new registered mortgage deed).
This means that UBS will be able to utilize the full potential of electronic transactions: lower costs and faster processing, harmonized processes for paper and electronic securities and standardized usage, irrespective of any differences in the various cantons' systems. Other financial institutions are also preparing to transfer the management of their registered mortgage deeds to SIX. This establishes SIX as the central processing platform for mortgage and land register transactions, enabling it to fully utilize its potential and benefit both the economy and the public authorities.
Terravis is an electronic information portal for land register data and official cadastral survey data in Switzerland. Since January 2012, Terravis has facilitated electronic transactions between land registers, notaries and banks via its Terravis platform. This enables these parties to carry out real estate transactions via a single interface. Terravis reduces the burden for the economy, eases the public administration of administrative tasks and accelerates the whole process.
The cantons of Thurgau, Uri, Glarus, Basel-Landschaft, Ticino and around a third of Graubünden have been activated on Terravis to date; as such, these cantons already offer access to data on almost one million pieces of real estate. Other cantons are being activated on an ongoing basis. Terravis is part of the eGRIS (electronic real estate information system) federal project, which forms part of the e-government efforts by the federal government, cantons and municipalities.