A registration is effective to perfect a security interest at the moment when the description of collateral becomes available to others to search on the PPS Register1. Registration is not effective from the time of lodgement, although there should be no delay between registering afinancing statement, and the registration details appearing on the PPS Register. The details lodged in an online financing statement should appear on the PPS Register instantaneously.
It is critical to check that a registration has been effective by searching again to ensure that the registration is available for others to see on the PPS Register.
Notes:
1 PPSA section 160. (link)
2 A term coined, as far as I know, by Steve Flynn.