Sympli response to ARNECC Statement

27 June 2024 – 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”.

However, the statement further noted that issues have been raised by the banking industry in relation to the Interoperability Program and that the Ministers are seeking to raise these issues with the federal government and relevant regulators for intervention.

This follows a briefing to industry yesterday morning where ARNECC advised that the Interoperability Program will be paused until these perceived issues can be resolved. This pause in the program will only benefit the incumbent monopoly provider.

Sympli confirms that we are, and have always been, committed to ensuring our bank processes are supported in interoperability, but we remain extremely disappointed that this same commitment does not appear to be shared by the industry incumbent. Unfounded claims of intellectual property rights over what have been decades-established industry practices are blocking the finalisation of data standards required to deliver the reform – this must be stopped.

Sympli’s firm position is that ARNECC is ultimately the body to lead the reform needed to deliver interoperability but we support its request for urgent federal government or regulatory intervention from bodies such as the Australian Competition and Consumer Commission (ACCC). We continue to believe ARNECC holds the key to enforcing an outcome that will deliver interoperability and we hope it can be supported to resolve any remaining issues.

While we note there has been no similar urgent call to action from PEXA, we call on Government to continue the important design, build and test work of interoperability even as the question of federal intervention is being resolved.

Sympli Chief Executive Officer, Philip Joyce, said: “We are encouraged to hear that Ministers have re-confirmed their commitment to interoperability and recognise the competition benefits that it will bring to consumers.”

“Given the issues raised we call on the Commonwealth Government including the ACCC to work collaboratively with the States to ensure that ARNECC receive the support they need to resolve issues plaguing this program and deliver this critical reform.”

“In a cost of living crisis, I would encourage governments at all levels to do what is needed to provide the right settings for competition and this should include enforcement action to ensure interoperability can be delivered.”

–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