Safe and efficient competition should be established through ELNO interoperability
Sympli entered the e-settlement market in 2018 with a clear purpose of representing industry’s need for a secure, reliable and efficient e-settlements service. We’re proud to be a force of positive change in the industry during this critical period of transformation and we support the work also being undertaken by ARNECC, PEXA, and the industry to deliver the full benefits of digitisation to the Australian public.
Affording the right to choose between Electronic Lodgment Network Operators (ELNOs) is a cornerstone of a reliable and innovative e-settlement industry. Indeed, this has been recognised since the law establishing the industry, Electronic Conveyancing National Law (ECNL), was enacted in 2012/2013.
Interoperability between ELNOs offers the right for every user, whether lawyer, conveyancer or financial institution, to choose their ELNO irrespective of the ELNO used by another transacting party.
Key industry stakeholders have been coming together in various forums and workshops since late 2018 to consider how interoperability should work in our industry. What is clear to us is that interoperability enables safe and effective competition. While there are several models under consideration by the regulator and there is more detail to be agreed between industry stakeholders, Sympli believes that one such option, a bilateral ELN-to-ELN model, would best support safe and efficient competition.
We have sought to separate the fact from the myth by responding to the most common questions from users about ELNO competition and interoperability.