Sympli comments on outcomes of the Ministerial Forum on interoperability in the eConveyancing industry
Thursday, 9 March 2023 – Sympli acknowledges the continued support of the Commonwealth, State and Territory Ministers, ARNECC and all related stakeholders in joint efforts to develop interoperability for Australia’s electronic conveyancing system but says more is required to ensure progress is not further delayed.
In a statement from the Ministerial Roundtable on 28 February 2023, Ministers reconfirmed the compelling consensus across industry on the need for, and benefits of, competition in the eConveyancing industry as soon as possible.
While engagement with the reform process has led to important developments for both the Day 1 transaction, a limited scope refinance, and preparation for Day 2, full interoperability, Ministers noted a delay in the expected delivery of the Day 1 Transaction from March 2023 to September 2023, with timing for Day 2 yet to be agreed.
Sympli Chief Executive Officer, Philip Joyce, said: “While we acknowledge and thank key stakeholders for their continued support and progress to date on the national interoperability reform, the industry is desperate for clarity on the timetable to introduce full interoperability and true competition. Only when the full scope of Day 2 is delivered will choice really be in the hands of customers. This statement is illustrative of our major concern that the benefits of competition for customers are being consistently delayed.
“Ministers noted the causes of delay to the Day 1 transaction pertaining to the ability of ELNOs to meet the build requirements, however Sympli has consistently met or beaten the required dates and has consistently advocated for faster and safer implementation. I’m sure industry stakeholders can draw their own conclusions as to the key drivers of these delays.”
Ministers agreed interoperability must be made available to practitioners as soon as possible. For this to be achieved, industry reform cannot be anchored to the incumbent’s timelines given its incentive to retain the status quo. Sympli strongly believes in a more competitive future driving innovation, value and resiliency for customers.
To avoid further delay in progressing interoperability, and to ensure safety and security for practitioners and their clients remains paramount, Sympli will continue to play a proactive role in this process. Sympli remains committed to ongoing collaboration with key industry stakeholders to ensure scope, timelines and the benefits of interoperability are understood by all key stakeholders.
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. For more information visit www.sympli.com.au