Sympli response to ARNECC Announcement on next steps on Interoperability

19 February – Sympli today welcomes ARNECC’s announcement regarding the next steps to introduce competition into the eConveyancing market.

Sympli remains committed to Interoperability and is encouraged that governments and broader industry stakeholders continue to back this reform for the benefits it delivers to customers.

Sympli remains confident that these upcoming reviews will confirm that the Interoperability model remains the right approach to deliver competition to this market. Importantly, this reform will enhance the resilience of a monopoly, single point of failure, market that settles more than $800 billion in property each year.

ARNECC also state that issues raised by the banking industry have been the main cause of delay in this reform, largely due to disinformation from the incumbent. Government must use these reviews to deliver choice to the tens of thousands of legal practitioners and conveyancers.

Sympli will continue to work constructively with ARNECC, government, and industry on this critical reform, which will deliver significant benefits for consumers, small businesses and the Australian economy.

Sympli CEO Philip Joyce stated: “As ARNECC noted, this reform commenced ‘several years ago’. This reform is long overdue to deliver genuine choice for customers and more resiliency for Australia. Whilst we welcome and support the next steps, we must collectively move with more urgency and focus on execution. Importantly, the incumbent monopoly needs to be held to account to its regulatory obligations and ARNECC to delivering these next steps by mid-year”.

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 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 sympli.com.au