‘Day 1’ success another step towards real competition

Tuesday 12 September 2023 – The first interoperable transactions have been successfully completed in Queensland, a significant step towards bringing real competition to the electronic conveyancing market. These successful transactions included two live interoperable refinance transactions, with each of Sympli and PEXA taking on the role of Responsible ELNO for one transaction.

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.

Whilst today highlights that government and industry are ever more determined to bring competition to this market, 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.

Sympli Chief Executive Officer, Philip Joyce, said: “Whilst this is a great achievement, it is only a step on the journey to full interoperability in this market”.

“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”.

–ENDS–

Media Inquiries: Jerome Boutelet, Public Affairs Manager at media@sympli.com.au, or 0411 045 119

About Sympli
Sympli is the result of a collaboration between InfoTrack and ASX. We want to create more opportunity, add value and represent the market with an e-Settlements service from which practitioners across Australia can benefit.

InfoTrack is Australia’s leading provider of e Conveyancing technology and services and has been creating software for the legal and financial industries for over 18 years. InfoTrack has a focus on simple, end-to-end solutions, leveraging expertise to craft a truly integrated e-settlements platform that you can trust.

As one of the world’s leading financial exchanges, the ASX bring experience in clearing and settling transactions with security, speed, reliability, and cutting-edge technology. The combination of the two brings you Sympli: the next-generation e-settlements solution delivering healthy competition, reliability, security and value to the industry. For more information visit www.sympli.com.au