Sympli welcomes the Electronic Conveyancing Amendment Bill passed by the NSW Parliament
- The bill requires all national electronic lodgement network operators (ELNOs), to ‘’interoperate’’ with each other
- Interoperability is a vital step to introduce real competition into the eConveyancing market
- Sympli is committed to achieving the Ministerial interoperability deadline of mid-2023.
eConveyancing disruptor Sympli welcomes the introduction of the Electronic Conveyancing (Adoption of National Law) Amendment Bill 2022 (NSW) (ECNL), passed today by the NSW Parliament.
Based on several years of bipartisan collaboration between key stakeholders, the ECNL is an important piece of legislation that will help deliver real competition and better outcomes for all eConveyancing practitioners and their customers.
Sympli Chief Executive Officer, Philip Joyce, said: “This is a such a vital piece of legislation for the entire industry as we work towards interoperability by 2023, in line with the mandated Ministerial timeline. Now it has been passed by the NSW Parliament, it will automatically be passed by the other states.”
“We would like to thank the Minister for Digital and Customer Service, The Hon. Victor Dominello MP, who has been a real leader and advocate for more competition in the sector, and acknowledge the vital role that ARNECC, the Australian Institute of Conveyancers and other key industry stakeholders have played in this process. More competition means more value for customers and a more innovative service to conveyancers and legal practitioners working in the sector.”
“The ECNL gives certainty to all industry players that interoperability by mid-2023 is achievable, allowing businesses and other bodies to make investments that drive us to that outcome. There is now no longer any reason or justification to delay interoperability. All industry stakeholders must now work together to ensure the mid-2023 deadline for full interoperability is achieved,” Mr Joyce said.
Further delays to the mandated timeline by any stakeholder will not serve the interests of the industry. It will be the customers – practitioners and their clients – who will pay for these delays.
“As well as the financial impact on consumers there is also a very real technical risk. At the moment the monopoly provider is a single-point of failure. If their system crashes, as it did on 30 June 2021, millions of dollars could be lost by consumers who are relying on the network to buy or sell their property. Interoperability is the golden opportunity to ensuring resiliency for the industry,” Mr Joyce said.
The NSW Parliament is to be congratulated on passing this important piece of legislation. While there is more to be done, the bill should send a clear message to the incumbent’s board and executive about the need to reengage and help deliver a safer, more secure, more competitive ecosystems for the betterment of customer.
Media Inquiries: 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 eConveyancing 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