This article is from the Australian Property Journal archive
ELECTRONIC settlements platform Sympli has hailed the completion of first interoperable transactions in Queensland as a significant step towards bringing real competition to the e-conveyancing market.
Currently in Australia, all parties involved in conveyancing transaction must use the same Electronic Lodgement Network Operators (ELNO) system to complete a property transaction. Interoperability allows different ELNOs systems to communicate with each other to complete the transaction.
These successful transactions included two live interoperable refinance transactions, with Sympli and PEXA taking on the role of ELNO for one transaction.
Sympli CEO Philip Joyce said whilst this is a great achievement, it is only a step on the journey to full interoperability in this market.
Joyce said the transactions highlights that government and industry are ever more determined to bring competition to this market and it is also a stark reminder that we are still years behind schedule, with Day 1 first scheduled for 2021 and full interoperability originally due to be live by mid-2023.
“Sympli would like to thank key stakeholders, namely ARNECC, Titles QLD, financial institutions, and the members of the Interoperability Program, for all their hard work and dedication to ensure that the transactions were successful,”
“It is critical that we keep this momentum towards full interoperability going full steam ahead, to ensure we meet the goal promised to industry of competition by 2025 at the latest. Customers deserve the benefits of competition as soon as possible.”
Joyce said the transactions highlights that government and industry are ever more determined to bring competition to this market and it is also a stark reminder that we are still years behind schedule, with Day 1 first scheduled for 2021 and full interoperability originally due to be live by mid-2023.
“Without the enforcement of key dates and milestones in regulation by ARNECC, there is a risk that these reforms will be delayed time and time again.
“Sympli looks forward to working with all stakeholders towards full interoperability in NSW and Queensland by the end of 2025.” Concluded Joyce.
