Sympli welcomes progress toward interoperability confirmed in NSW Legislative Council Committee Report
Electronic conveyancing disruptor Sympli welcomes the positive outcomes of the NSW Legislative Council’s Portfolio Committee No 4 – Customer Service and Natural Resources – inquiry into the Electronic Conveyancing (Adoption of National Law) Amendment Bill 2022.
Sympli comments on the latest profit and earnings result from PEXA, a monopoly operating in the e conveyancing sector
Electronic conveyancing disruptor Sympli said PEXA Group’s first half year profit results reveal the industry monopoly was ‘’alive and well’’, but it also showed there is a lack of competition in the industry and its consumers that are paying the price.
Sympli welcomes outcomes from ministerial roundtable on interoperability in e-settlements
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.
NSW Customer Service Minister Victor Dominello is pushing for competition in the e-conveyancing market
The NSW government is threatening to go it alone to drag competition into the $280m e-conveyancing market, telling market leader PEXA it wants the large-scale rollout of cross-platform transactions in place by mid-2023.
Sympli welcomes ministerial roundtable discussions on the delays in interoperability
Sympli welcome today's roundtable discussions on the delays in implementation of interoperability, co-chaired by NSW Customer Service Minister Victor Dominello MP, alongside SA Deputy Premier and Attorney-General Vicki Chapman.
Sympli welcomes agreement to establish National Electronic Conveyancing Data Standards (NECDS Co)
Electronic conveyancing disruptor Sympli today welcomes the signing of the agreement to establish the National Electronic Conveyancing Data Standard Co (NECDS Co) by NSW Minister for Digital and Customer Service, the Hon. Victor Dominello MP. This new regulatory reform is a significant milestone in the pursuit of interoperability and real competition in the eConveyancing industry.
Sympli acknowledges Model Operating Requirements (MOR) Consultation Draft 7 as significant step toward achieving interoperability
Electronic conveyancing disruptor Sympli today acknowledges the release of the Consultation Draft 7 of the Model Operating Requirements (MOR) by the Australian Registrars Electronic Conveyancing Council (ARNECC).
Sympli comments on outcomes of Ministerial Roundtable on interoperability in the eConveyancing industry
A joint Ministerial and ACCC statement, from the Ministerial Roundtable on Thursday 1 July 2021, again reiterated the strong government focus on ensuring competition in eConveyancing is realised, so that practitioners are not forced to use the current monopoly.
Sympli illustrates the need for competition in the eConveyancing industry
Electronic conveyancing platform PEXA had a wobbly debut on the ASX on Thursday after the biggest float of the year, struggling to shine in a sluggish market and closing the day at a bare premium to its issue price.
Major bank completes connection with Sympli as competition is set to rise in the e-conveyancing industry
Electronic conveyancing disruptor Sympli today announced it has connected with another major Australian bank, taking the total to two and on track to be connected to all four by November 2021.
Rivals say PEXA monopoly to end by late next year
The chief executive of one of PEXA’s smaller rivals, the ASX-backed Sympli, says true competition is likely to arrive in the $280 million electronic conveyancing market in Australia only towards the end of calendar 2022, with PEXA having an effective monopoly until then.
Sympli endorses NSW Government Productivity Commission recommendation for interoperability
Sympli endorses NSW Government Productivity Commission recommendation for interoperability in the e-conveyancing industry as “matter of urgency”. Read more about Sympli's support for this issue below.
Joint Government Industry Statement – Interoperability
At Sympli, we strongly support the continued progress in our mutual journey towards interoperability – which will bring true competition and choice for consumers in our industry. Below you will find the joint government industry statement.
Sympli gears up to challenge PEXA in electronic property settlement
Sympli is gearing up to take on industry leader PEXA in the $250m electronic property settlement market, with the first cross-platform transaction to take place by the end of this year ahead of a larger-scale rollout, according to CEO Philip Joyce.
PEXA’s wings clipped as states go for national competition
PEXA's monopoly will disappear next year following a decision to set up rules to enforce competition in the $240 million electronic property transaction market by requiring common technology standards for all existing and future platforms.
Major banks prepare to connect to Sympli to compete with PEXA
All four major banks will be connected to Sympli this financial year, said ASX chief executive Dominic Stevens, while rules to ensure the ASX-backed electronic property settlements challenger can work alongside PEXA are heading towards finalisation.
Sympli Lodges First Registry Instrument for New South Wales
Australia’s newest Electronic Lodgment Network Operator (ELNO), Sympli Australia Pty Ltd (Sympli), has expanded its service offering with the successful lodgment of its first registry instrument, a mortgage in New South Wales.
ACCC’s Rod Sims pushes for competition in e-conveyancing
Australian Competition & Consumer Commission chairman Rod Sims says he is prepared to get more involved in the electronic property settlement market to push for a structure that facilitates competition and lower prices as the industry reaches a “pivot point”.
Sympli gains a key licence in battle to take on PEXA
ASX-backed Sympli today unveiled plans to take on larger rival PEXA in the online property exchange market, with the newer player winning a key licence and pitching itself as a lower cost alternative that could halve prices on certain product lines.
PEXA rival Sympli gets approval to start operating online conveyancing platform
Sympli expects to offer its first document lodgment services as early as next month, after the federal regulator gave the go-ahead to operate as an econveyancing platform in competition to newly privatised rival PEXA.
PEXA float pulled, rival Sympli ramps up
Sympli boss David Wills told the Financial Review he hopes to launch by March or April next year. Mr Wills added that Sympli, which reports testing of its system is advanced in two states with the other not far behind, is not limited to one or two party transactions.
As PEXA pitches fundies, Sympli fronts conveyancers
Sympli is about one-third of the way through a roadshow targeting conveyancers in the country's three biggest markets; Sydney, Melbourne and Brisbane.
It is giving conveyancers a working example of what its slated property payments exchange would look like and how it fits into the software suite owned by its shareholder InfoTrack.
Monopoly fears cloud launch of first e-conveyancing network
The operator of the nation’s only working electronic conveyancing network has urged the states to accelerate their rollout of the new system after its successful adoption in Victoria.
Victoria’s mandatory switch to e-conveyancing took place this month despite calls from the state opposition for the changeover to be delayed until a competitive market could be established for e-conveyancing network services.
Sympli to give PEXA a run for money in electronic conveyancing
But that is what confronts Sympli, a venture with powerful backers that is counting the days until it has regulatory approval to go head-to-head with PEXA, the monopoly provider of electronic conveyancing network services.
PEXA has been growing fast and that growth will accelerate next month thanks to Victoria’s mandatory move away from paper-based conveyancing.
ASX Invests in e-conveyancing venture
Releasing its results for the financial year 2018, the ASX confirmed that it had invested $6.6 million in a joint venture with Australian Technology Innovators (which owns InfoTrack) to form Sympli Australia Pty Ltd (Sympli), as first announced earlier this year.
The new business intends to offer electronic conveyancing (e-conveyancing) solutions for property settlements and will become a competitor to the state government and bank-owned Property Exchange Australia (PEXA).
Solicitors move to delay electronic conveyancing switch
Electronic property settlement business PEXA is facing a revolt by Victorian solicitors aimed at delaying a statewide switch to online property transfers that will hand the company an effective monopoly before its possible sale.
The revolt was triggered by Law Institute of Victoria concern about the security of electronic transactions and the company’s ability to cope after Victoria’s mandatory switch to electronic conveyancing on October 1.
E-conveyancing system Sympli not ready, new operator says
Sympli, a new operator in the electronic title transfer market, says it shouldn’t be compulsory for consumers to use the PEXA system until security, regulatory and competition issues are resolved.
Australia’s two biggest states are leading a decades-long quest to entrench digital e-conveyancing as the norm across the property sector, which settles $300 billion of transactions annually.
Property settlement fight pits float hopeful PEXA against ASX
There's nothing like a bit of corporate intrigue to liven up the normally quiet world of property conveyancing. May 31 will go down as a big day in the sector's history.
The long-awaited blow to the $1 billion-plus sales ambitions of electronic property settlements group PEXA was delivered on Thursday, when ASX Ltd formally announced its intention to partner with legal software group InfoTrack and create a challenger to PEXA's monopoly.
ASX launches Sympli, its first foray into the electronic property settlement market
ASX Limited has unveiled plans to invest alongside technology group InfoTrack and enter the $200 million electronic property settlement market, pitting it against bank and state government owned Property Exchange Australia.
In a statement on Thursday, ASX said it was teaming with Australian Technology Innovators, the parent of InfoTrack, to form Sympli Australia.