Sympli comments on ministerial support for a sustainable, competitive national electronic conveyancing market

Wednesday, 21 December 2022 – Electronic conveyancing disruptor Sympli welcomes the outcomes
of the recent Ministerial Forum on interoperability in the eConveyancing industry.

Held on 9 December 2022 with attendees representing Federal, State and Territory jurisdictions and
the Australian Competition and Consumer Commission, the meeting confirmed ministerial support for
a sustainable and competitive market structure, through the delivery and implementation of

Ministers in attendance noted the following in relation to key milestones and areas of priority and

  • Build: Building all API specifications is of critical importance to enable all interoperable
    transactions. Work on the development and build of interoperability is on track to deliver the
    Day 1 transaction in March 2023, and ministers reinforced the importance of reaching this
    essential milestone without delay. To adequately build for Day 2, the Day 1 transaction must
    be delivered in March 2023.
  • Timeliness: Clear milestones must be determined ahead of reaching the Day 2 milestone, and
    deadlines and penalties must be put in place to provide the impetus needed for a timely
  • Independence: Independent assessments have been undertaken with ongoing independent
    assessments and readiness reviews at key points.
  • Rollout: Once all APIs are designed, built and tested and Day 2 is achieved, the rollout of
    interoperability will occur progressively by jurisdiction, with phase 1 being rolled out in
    Queensland and NSW, and other jurisdictions to follow in subsequent phases.

Discussion also reported on progress across concurrent workstreams relating to security,
enforcement, pricing policy and data standards with external stakeholders including The Australian
Registrars’ National Electronic Conveyancing Council (ARNECC), the NSW Independent Pricing and
Regulatory Tribunal (IPART), AusPayNet and the National Electronic Conveyancing Data Standards
Limited (NECDS).

Central to the success of progress to date, the ministers noted, has been the cooperation, engagement
and collaboration of stakeholder and industry members, which will be vital for continued success.

Sympli Chief Executive officer, Philip Joyce, said: “Outcomes of the Ministerial Forum confirm what
we already knew about the important progress that has taken place in 2022 around the preparation
and build for interoperability. However, successful implementation, and therefore competition in the
market, will rely on clear milestones and deadlines, incentives for build requirements and where
required, enforcement penalties.

“Industry and stakeholder collaboration will continue to be at the helm of the success of this industry
reform process, and we at Sympli look forward to furthering industry progress in 2023. We thank the
outgoing NSW Minister for Customer Service and Digital Government, The Hon. Victor Dominello MP,
for his strong advocacy and leadership on these reforms since 2019.”


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
bring you Sympli: the next generation e-settlements solution delivering healthy competition,
reliability, security and value to the industry.

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