Scope for interoperability settled as ARNECC moves to mandate key dates in regulation

22 September 2023 – Sympli welcomes the Australian Registrars National Electronic Conveyancing Council (ARNECC) announcement today that the scope for the interoperability releases has now been settled, as it moves to insert key interoperability dates into the Model Operating Requirements (MOR).

In a statement released today, ARNECC said that the scope, which refers to the data elements that ELNOs must share in an interoperable transaction in order for each ELNO to offer services to its customers, has been settled following extensive consultation workshops between all stakeholders, including industry.

A guiding principle of the Interoperability Program as ARNECC states is that interoperability must maintain or enhance the customer experience within a network. Sympli remains committed to ensure that interoperability maintains and supports the existing workflows and processes within the Sympli network and improves the experience for industry, including practitioners.

ARNECC also reiterated that they were working on updating the MOR to include deadlines by which interoperability capability must be developed, with ARNECC previously resolving on December 2025 for full interoperability.

ARNECC’s full statement can be found here: https://www.arnecc.gov.au/wp-content/uploads/2023/11/ARNECC-Statement-Scope-for-interoperability-releases-settled.pdf

Sympli Chief Executive Officer, Philip Joyce, said: “Sympli has always advocated that for customers to have genuine choice there must be no degradation of user experience between interoperable and ‘on-network’ transactions. This is a strong message from ARNECC that interoperability will support this outcome through comprehensive data exchange between networks.

We firmly believe that this is the building block for more innovation to better serve customers in our community. A great example is the Australian payments industry today. Common data exchanges standards are driving better risk management and innovative customer solutions.”

“We also welcome ARNECC’s statement on updating regulation with key dates for interoperability. Inserting dates into regulation this year will give industry the certainty it needs.”

–ENDS–

Media Inquiries: Jerome Boutelet, Public Affairs Manager at media@sympli.com.au, or 0411 045 119

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 brings 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