- Different ELNOs will be able to communicate with each other to complete property transactions
- Currently there is no interoperability between ELNOs
- Ministers agreed to key dates for the new interoperability regime
A commitment to interoperability in the eConveyancing industry has been made which will see different Electronic Lodgement Network Operators (ELNOs) able to communicate with each other to complete property transactions by mid-2023.
The system is a world first, allowing legal practitioners, conveyancers, and financial institutions to digitally prepare and lodge land property dealings and title registries.
Practitioners and financial institutions can also transmit settlement funds and pay associated duties and tax, removing the need to physically attend property settlements.
Sympli CEO Philip Joyce said, “the benefits to customers, and to industry are too great to allow any further delay, and this timeline ensures that competition is coming.
“As we’ve seen in recent months, having only one network in the sector makes the whole system vulnerable if that one network fails.”
Currently there is no interoperability between ELNOs, with all parties to conveyancing transactions using the same ELNO to complete the transaction.
Process
State and Territory ministers agreed to the following key dates for implementation to deliver a secure national interoperability regime and effective competition:
- February 2022: NSW to introduce changes to the national law into NSW Parliament
- Q3 2022: Commence with ‘Day 1 transaction’ (being a limited scope refinance, not available in the market generally)
- Mid-2023: all interoperable transactions functional, with roll-out commencing in jurisdiction in the second half of 2023.
The timeline gives stakeholders 21 months to prepare for updating their systems to support interoperability, building on three years of work so far.
Mr Joyce said, “momentum to achieve the new mandated timeline will require cooperation from all stakeholders and a particular focus on managing risk and security. Through the combined experience and technical capability of the organisations involved, we know it can be achieved, and we look forward to this being reflected in the regulation and legislation in time.”
