Philip Joyce, CEO, Sympli
Electronic lodgement network operators PEXA and Sympli have been given a starting date of December 2025 for full interoperability of their e-conveyancing services.
And as the market opens up to greater competition, a new player, Lextech Pty Ltd, has thrown its hat in the ring. The company was recently granted early-stage compliance status.
The Australian Registrars’ National Electronic Conveyancing Council, which administers the regulatory framework for e-conveyancing, released the latest version of its operating requirements this week.
It said interoperability would be rolled out first in New South Wales and Queensland, with the other states and territories to follow.
Interoperability allows multiple ELNOs to host parties participating in the same transaction. It was trialled last September. ARNECC rated the trial a success and set provisional rollout dates, which have now been confirmed.
By the end of December next year ELNOs will have to design, build and test for full interoperability in NSW and Queensland.
Interoperability has been a controversial development. Market leader PEXA has argued that it is a complex task with uncertain benefits and that the timeline is too short.
Sympli chief executive Philip Joyce said the benefits of a more open market include price competition and system innovation.
Joyce said: “Our customers are banks and other lenders, and legal practitioners. They are looking for efficiencies in their processes and interoperability presents a strong productivity opportunity.”