24th February 2023
24th February 2023
Batch service of electronic records - Project history
The project on electronic registrations has been running since 2020. Initially, emphasis was placed on mortgage registration, but now the weight of the task is to make it possible to register real estate transactions electronically. Such actions require the registration of multiple types of registrations in a single batch and therefore the analysis and deployment of a batch service was quickly identified. You can think of the batch service a bit like the plastic folder the real estate agent keeps around while you are finalizing a purchase agreement and financing for a real estate sale.
The service is built on web services where lenders and real estate agents apply for access to the platform and connect their systems through an API service layer.
The analysis of large actions like the aforementioned batch service will require, among other things, consideration of laws and procedures, access to information and business logic, user experience and flow, as well as stakeholders' requirements. The implementation of the batch service started with a workshop with representatives of the Council of District Commissioners, project managers and the software team to find the best implementation that still meets the requirements of the stakeholders.
As stated earlier, real estate purchases require registration of multiple types of registrations at the same time. In most cases, it is a purchase agreement, mortgage bond and a mortgage licence that is needed to complete the transaction in one operation. To that all registrations are in order and that all stakeholders are informed, the real estate agent creates a batch in which the purchase agreement is the base document. The real estate agent informs other registrants of the batch and ensures that all relevant entries will be linked to the correct batch.
As it is today, real estate agents play a key role in all real estate transactions and their job is to ensure that all registrations and all relevant information are linked to the batch. When all relevant documents have been added, the real estate agent submits the entire batch for registrations. An automated error test determines that all documents and data is valid through a a series of operations and business logic. Once the registration has been completed all stakeholders are informed via confirmation in the electronic mailbox on Ísland.is.
Participants in the project are: The District Commissioners, Prógramm, Júní, Intellecta, Direkta and Digital Iceland