Electronic conveyancing platform Sympli has welcomed the “positive outcomes” brought about by the recent ministerial roundtable on interoperability in electronic settlements, which the firm says could signal the end of local rival PEXA’s hold on the industry.
In a statement, Sympli said that, through interoperability, users have the option to choose their Electronic Lodgement Network Operator (ELNO) without having to become a member of each provider. This allows PEXA subscribers to freely transact with Sympli subscribers and vice versa.
“Sympli acknowledges the important role that ARNECC [Australian Registrars' National Electronic Conveyancing Council], relevant state and federal ministers have played in driving forward the pursuit of competition in the e-conveyancing industry through interoperability,” the firm said in its statement. “Without interoperability, there is no true competition in this market and customers deserve the opportunity to make a choice when it comes to e-conveyancing.”
After an endorsement from the government and regulators, the Ministerial Directions Statement identified a timeline for the implementation of a national interoperable system.
By February 2022, New South Wales will have introduced the changes made to national law into its parliament.
Meanwhile, the first transaction is to commence in the third quarter of 2022, albeit a limited scope refinance. By the second half of 2023, all interoperable transactions will roll out across jurisdictions and be functional.
Philip Joyce, chief executive officer of Sympli, said this timeline “ensures that competition is coming” as reliance on one provider is the most considerable risk in the industry today.
“Through the combined experience and technical capability of the organisations involved, we know it can be achieved, and we look forward to this being reflected in the regulation and legislation in time,” Joyce said. “The benefits [of interoperability] to customers and the industry are too great to allow any further delay.”
