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.
In releasing this report, the Committee has acknowledged the indispensable benefits interoperability will provide to the industry – competition, safety and security, infrastructure resilience and greater value, efficiency and choice for practitioners and their clients.
The Committee, comprised of seven elected representative members from different political parties, heard from a range of industry stakeholders and members of the community through appearances and submissions, including ARNECC, Law Council of Australia, Law Society of New South Wales, Office of the Registrar General and Australian Banking Association, and focused specifically on the bill’s proposed requirement that all electronic lodgement network operators (ELNOs) interoperate.
The outcomes of the inquiry, released today in a report, found that the objectives of the bill and the proposed changes to the conveyancing system in New South Wales are appropriate. The recommendations set out by the Committee make it clear that the benefits of interoperability are acknowledged by key industry stakeholders, and that the bill should proceed without delay.
Sympli acknowledges the vital role that the Committee, ARNECC, relevant state and federal Ministers and their teams and other key industry stakeholders have played in determining this pivotal outcome.
Sympli Chief Executive Officer, Philip Joyce, said: “The outcomes determined by the committee represent an important acknowledgement of the critical nature of interoperability to the future of the eConveyancing industry.
“Interoperability is essential for competition. The conveyancing process sits within what can be a highly personal and emotive process of purchasing a home. Competition in the industry will allow practitioners to provide a better service to buyers and sellers, and interoperability is an integral tool that will enable the industry to offer this in a safe, secure and efficient manner. Interoperability will increase competition in the industry, making a complex system easier and more efficient for practitioners and their clients.
“We at Sympli look forward to continuing our participation in the industry reform process to ensure interoperability is delivered on time and to plan.”
Georgia Dillon | 0437 693 293 | Georgia.Dillon@fticonsulting.com
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