News & Announcements

The Federal Government continues to remain silent whilst the PEXA monopoly threatens competition in the more than $800bn eConveyancing market to the detriment of the Australian economy and home buyers.

New South Wales and Queensland have announced that they will take the lead to continue the national eConveyancing interoperability reform despite ARNECC pausing the program.

Sympli welcomes the release of the NSW Productivity and Equality Commission’s Report, ‘eConveyancing market study’ and its recommendations to deliver competition to the eConveyancing market for the benefit of consumers.

Yesterday, the regulatory body charged with managing the national framework for electronic conveyancing, ARNECC, issued a statement on behalf of State and Territory Ministers reiterating support for interoperability in eConveyancing, noting “the benefits that competition could bring, and the need for industry and consumer confidence in the system”.

Today, ARNECC published the newest version of the Model Operating Requirements (MOR), a regulation governing the industry, to require ELNOs to be ready for full interoperability for key documents by 31 December 2025.

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, State, Territory and Federal Ministers have strongly supported inserting mandated dates for full interoperability into regulation.

The first Ministerial Forum under new Chair and NSW Minister, The Hon. Jihad Dib MP was held today, bringing together State, Territory and Commonwealth Ministers, as well as peak industry bodies and federal agencies to progress competition reforms in the eConveyancing market.

In an Australian first, the first ‘practitioner to practitioner’ transfer on the Sympli network was successfully completed last Friday.

Sympli welcomes the Australian Registrars National Electronic Conveyancing Council (ARNECC) update to the operating requirements to ensure that full interoperability be ready by no later than the end of 2025.

The first interoperable transactions have been successfully completed in Queensland, a significant step towards bringing real competition to the electronic conveyancing market.

Sympli, the eConveyancing network operator, has signalled its readiness for the ‘Day 1’ transactions, a significant milestone on the road to bring competition to the eConveyancing market.

Today, the Property Exchange Australia (PEXA) were called to appear before a federal competition inquiry, as it marks more than $1bn in revenue since 2018.

Yesterday, the Independent Pricing and Regulatory Tribunal NSW (IPART) published their final report from the “Review of interoperability pricing for Electronic Lodgment Network Operators”.

Sympli acknowledges the continued support of the Commonwealth, State and Territory Ministers, ARNECC and all related stakeholders in joint efforts to develop interoperability for Australia’s electronic conveyancing system but says more is required to ensure progress is not further delayed.

Electronic conveyancing disruptor Sympli welcomes the outcomes
of the recent Ministerial Forum on interoperability in the eConveyancing industry.

Electronic conveyancing disruptor Sympli today commends the New South Wales (NSW) Parliament for passing the Electronic Conveyancing Enforcement Bill 2022 (the Bill), with amendments that will further ensure its success in penalising breaches of the law.

Electronic conveyancing disruptor Sympli today welcomes the introduction of the Electronic Conveyancing Enforcement Bill 2022 (the Bill) into the New South Wales (NSW) Parliament.

Electronic conveyancing disruptor Sympli (the Company), welcomes the announcement of the ACCC’s findings regarding Dye & Durham’s proposed acquisition of Link Administration Holdings (Link).

Sympli, an e-settlements service built by users, for users, today comments on the results of PEXA’s 2022 financial year results.

 Electronic conveyancing disruptor Sympli (the Company), welcomes the release of the ACCC’s Statement of Issues regarding Dye & Durham’s proposed acquisition of Link Administration Holdings (Link). 

Electronic conveyancing disruptor Sympli (the Company), welcomes reports of the Australian Competition and Consumer Commission’s (ACCC) investigation into PEXA’s anti-competitive conduct in the eConveyancing industry.

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.

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.

Electronic conveyancing disruptor Sympli said PEXA Group’s first half year profit results reveal the industry monopoly was ‘’alive and well’’, but it also showed there is a lack of competition in the industry and its consumers that are paying the price.

Sympli is encouraged by the Ministerial statement on amending the Electronic Conveyancing National Law to deliver a secure national interoperability regime and effective competition.

Sympli, an e-settlements service built by users, for users, is pleased to announce the appointment of Staffan Flodin to the role of Chief Information Officer.

Electronic conveyancing disruptor Sympli today provides an update on its payment connection with the Commonwealth Bank of Australia (CBA).

Electronic conveyancing disruptor Sympli has today announced National Australia Bank (NAB) has signed to their Electronic Lodgment Network (ELN).

Electronic conveyancing platform Sympli has welcomed the “positive outcomes” brought about by the recent ministerial roundtable on interoperability in electronic settlements, which the firm says could signal the end of local rival PEXA’s hold on the industry.

PEXA’s monopoly in the digital property settlement market will be gone by mid-2023 after states fast-track timetable to force competition on the burgeoning sector.

The NSW government is threatening to go it alone to drag competition into the $280m e-conveyancing market, telling market leader PEXA it wants the large-scale rollout of cross-platform transactions in place by mid-2023.

Sympli welcome today's roundtable discussions on the delays in implementation of interoperability, co-chaired by NSW Customer Service Minister Victor Dominello MP, alongside SA Deputy Premier and Attorney-General Vicki Chapman.

Electronic conveyancing disruptor Sympli today provides an update on its payment connection and transaction milestones.

As true competition in econveyancing draws closer, the attention of policy makers is beginning to turn from the importance of interoperability to the efficiency of digital certificates.

Electronic conveyancing disruptor Sympli today welcomes the signing of the agreement to establish the National Electronic Conveyancing Data Standard Co (NECDS Co) by NSW Minister for Digital and Customer Service, the Hon. Victor Dominello MP. This new regulatory reform is a significant milestone in the pursuit of interoperability and real competition in the eConveyancing industry.

Electronic conveyancing disruptor Sympli today commends the New South Wales Office of the Registrar General (NSW ORG) for appointing an Interoperability Program Manager.

Electronic conveyancing disruptor Sympli today acknowledges the release of the Consultation Draft 7 of the Model Operating Requirements (MOR) by the Australian Registrars Electronic Conveyancing Council (ARNECC).

A joint Ministerial and ACCC statement, from the Ministerial Roundtable on Thursday 1 July 2021, again reiterated the strong government focus on ensuring competition in eConveyancing is realised, so that practitioners are not forced to use the current monopoly.

Electronic conveyancing platform PEXA had a wobbly debut on the ASX on Thursday after the biggest float of the year, struggling to shine in a sluggish market and closing the day at a bare premium to its issue price.

Online conveyancing platform PEXA has managed to negotiate a safe landing on the ASX, however, it’s keenest local rival Sympli reckons it can crack the company’s monopoly status in the market.

It’s interesting that on the day of a ministerial roundtable discussing one of the enablers of competition – interoperability – the current monopoly starts trading. 

Electronic conveyancing disruptor Sympli today announced it has connected with another major Australian bank, taking the total to two and on track to be connected to all four by November 2021.

The chief executive of one of PEXA’s smaller rivals, the ASX-backed Sympli, says true competition is likely to arrive in the $280 million electronic conveyancing market in Australia only towards the end of calendar 2022, with PEXA having an effective monopoly until then.

Sympli endorses NSW Government Productivity Commission recommendation for interoperability in the e-conveyancing industry as “matter of urgency”. Read more about Sympli's support for this issue below.

At Sympli, we strongly support the continued progress in our mutual journey towards interoperability – which will bring true competition and choice for consumers in our industry. Below you will find the joint government industry statement.

PEXA has been blasted for suggesting policymakers are adopting its proposal to ensure competition in the $240m e-conveyancing market, in a blow to the industry leader as it sets its sights on an IPO.

Sympli is gearing up to take on industry leader PEXA in the $250m electronic property settlement market, with the first cross-platform transaction to take place by the end of this year ahead of a larger-scale rollout, according to CEO Philip Joyce.

Sympli is pleased to announce the appointment of Philip Joyce as its new CEO, effective today.

PEXA's monopoly will disappear next year following a decision to set up rules to enforce competition in the $240 million electronic property transaction market by requiring common technology standards for all existing and future platforms.

All four major banks will be connected to Sympli this financial year, said ASX chief executive Dominic Stevens, while rules to ensure the ASX-backed electronic property settlements challenger can work alongside PEXA are heading towards finalisation.

Sympli has expanded its service offering in South Australia after The Office of the Registrar-General, Land Services SA and Revenue SA approved Sympli for transfer and duty lodgments this week.

Sympli has expanded its service offering in New South Wales after both the NSW Land Registry and Revenue NSW approved Sympli for transfer and duty lodgments this week.

The ASX/InfoTrack-backed electronic settlement service Sympli has successfully settled its first loan, with ANZ and two Gold Coast law firms settling on a Queensland property.

ASX-backed Sympli Australia has completed its maiden financial property settlement, suggesting competition in the online conveyancing industry will step up next year.

Australia’s newest Electronic Lodgment Network Operator (ELNO), Sympli Australia Pty Ltd (Sympli), has expanded its service offering with the successful lodgment of its first registry instrument, a mortgage in New South Wales.

Australian Competition & Consumer Commission chairman Rod Sims says he is prepared to get more involved in the electronic property settlement market to push for a structure that facilitates competition and lower prices as the industry reaches a “pivot point”.

Sympli Australia Pty Ltd (Sympli), Australia’s newest e-Settlement service provider, has appointed Suzanne Turnbull as the new Head of Industry and Government Relations.

Australia’s newest e-Settlement service provider, Sympli Australia Pty Ltd (Sympli), has this month, launched its national Early Onboarding Program.

Sympli Australia has officially opened for business with the lodging of its first electronic property settlement document in Queensland last week, adding a competitor to Property Exchange Australia (PEXA).

Sympli Australia Pty Ltd (Sympli), the newest e-Settlement solution to enter the conveyancing market, commenced operations in Victoria earlier today.

ASX-backed Sympli today unveiled plans to take on larger rival PEXA in the online property exchange market, with the newer player winning a key licence and pitching itself as a lower cost alternative that could halve prices on certain product lines.

Sympli expects to offer its first document lodgment services as early as next month, after the federal regulator gave the go-ahead to operate as an econveyancing platform in competition to newly privatised rival PEXA.

Sympli boss David Wills told the Financial Review he hopes to launch by March or April next year. Mr Wills added that Sympli, which reports testing of its system is advanced in two states with the other not far behind, is not limited to one or two party transactions.

Sympli is about one-third of the way through a roadshow targeting conveyancers in the country's three biggest markets; Sydney, Melbourne and Brisbane.

It is giving conveyancers a working example of what its slated property payments exchange would look like and how it fits into the software suite owned by its shareholder InfoTrack.

The operator of the nation’s only working electronic conveyancing network has urged the states to ­accelerate their rollout of the new system after its successful adoption in Victoria.

Victoria’s mandatory switch to e-conveyancing took place this month despite calls from the state opposition for the changeover to be delayed until a competitive market could be established for e-conveyancing network services.

But that is what confronts Sympli, a venture with powerful backers that is counting the days until it has regulatory approval to go head-to-head with PEXA, the monopoly provider of electronic conveyancing network services.

PEXA has been growing fast and that growth will accelerate next month thanks to Victoria’s mandatory move away from paper-based conveyancing.

Releasing its results for the financial year 2018, the ASX confirmed that it had invested $6.6 million in a joint venture with Australian Technology Innovators (which owns InfoTrack) to form Sympli Australia Pty Ltd (Sympli), as first announced earlier this year.

The new business intends to offer electronic conveyancing (e-conveyancing) solutions for property settlements and will become a competitor to the state government and bank-owned Property Exchange Australia (PEXA).

Electronic property settlement business PEXA is facing a revolt by Victorian solicitors aimed at delaying a statewide switch to online property transfers that will hand the company an effective monopoly before its possible sale.

The revolt was triggered by Law Institute of Victoria concern about the security of electronic transactions and the company’s ability to cope after Victoria’s mandatory switch to electronic conveyancing on October 1.

Sympli, a new operator in the electronic title transfer market, says it shouldn’t be compulsory for consumers to use the PEXA system until security, regulatory and competition issues are resolved.

Australia’s two biggest states are leading a decades-long quest to entrench digital e-conveyancing as the norm across the property sector, which settles $300 billion of transactions annually.

There's nothing like a bit of corporate intrigue to liven up the normally quiet world of property conveyancing. May 31 will go down as a big day in the sector's history.

The long-awaited blow to the $1 billion-plus sales ambitions of electronic property settlements group PEXA was delivered on Thursday, when ASX Ltd formally announced its intention to partner with legal software group InfoTrack and create a challenger to PEXA's monopoly.

ASX Limited has unveiled plans to invest alongside technology group InfoTrack and enter the $200 million electronic property settlement market, pitting it against bank and state government owned Property Exchange Australia.

In a statement on Thursday, ASX said it was teaming with Australian Technology Innovators, the parent of InfoTrack, to form Sympli Australia.