Pexa and Sympli

[FionaRiches]

Hi

We have a general query.

We have received emails and advices that a second electronic platform for settlements will be introduced soon (Sympli).

How do settlements occur if one firm is signed up and using Pexa (as we are) and another firm uses the Sympli platform?

[Ames]

Hi @FionaRiches

Great question!

PEXA supports a competitive market based on an even playing field and competition between ELNOs on price, service and value.

PEXA has already delivered integration capability by providing API integration for third parties, including conveyancing software providers. This basically allows practitioners to access PEXA through multiple pathways, including through case management software providers to interact with Banks and other lawyers/conveyancers using other software packages. We note these capabilities already operate on a non-discriminatory basis and are consistent with the integration requirements recently proposed by ARNECC in its revised draft MOR.

We doubt it will be feasible or efficient for consumers to complete transactions across more than one ELNO, and there would be many practical and legal obstacles that would be extremely difficult to overcome.  The legal framework governing ELNOs, the liability models in place, and the critical security requirements for the $7 trillion residential property assets nationally, are not compatible with this approach.

Ames.

[handle44]

Hope you realize how outrageous this reply is. Saying PEXA should not have to interoperate with any other ELNO operator! That gives a monopoly to PEXA, as they were obviously given the full monopoly audience to begin with (by the fact we had to use it). As a matter of utter urgency, full interoperability should be immediately imposed between ELNOs!

[Ames]

Hi @handle44 

Thank you for your response and for bringing this conversation back to our attention.

Our last response was a year ago and since then we’ve done quite a bit with the industry. PEXA is actively working with industry to understand the solution to interoperability between ELNOs. We encourage a framework that doesn’t increase cost, risk and complexity into property settlements and keeps homebuyers and sellers at the heart of the discussion.

Since the above post in September 2018, we have taken part in all industry working groups on both competition and interoperability. It is clear from these reviews that a full analysis must be completed to understand what this framework looks like and if it’s in the best interest of consumers.

Competition has always been on the horizon for PEXA, in fact we consider paper property transactions our original and most organic competitor in the market. Emerging ELNOs are an excellent indicator of how far industry has come in embracing digital conveyancing and as an industry, we need to ensure that the integrity of a property transaction and the homebuyers and sellers it impacts remain uncompromised.

I hope this assists any concerns you have and if you’d like to continue the discussion, please join us on Tuesday 29 October 2019 at 11 am AEDT, for our webinar The evolution of e-Conveyancing: Competition, interoperability and everything in between.

Ames