The two new names in eConveyancing settlements are Sympli and LEXTECH
The e-conveyancing regulator, ARNECC has approved Purcell Partners Pty Ltd as an Electronic Lodgment Network Operator. Purcell Partners operates under the name LEXTECH.
In a separate development, ASX Limited has announced a partnership with Australian Technology Innovators Pty Limited (ATI), the parent company of InfoTrack to enter the electronic property settlements market.
ASX Limited: “Sympli Australia Pty Ltd (Sympli), owned 50:50 by ASX and ATI, has applied to become an Electronic Lodgment Network Operator (ELNO) with the regulator, the Australian Registrars’ National Electronic Conveyancing Council (ARNECC).”
“ASX expects to invest approximately $30 million in the new venture over this and the next two financial years. This will comprise approximately $7 million in 2018, with further investments in 2019 and 2020. ASX estimates that Sympli will break-even in the 2021 financial year.”
Mr Dominic Stevens, ASX Managing Director and CEO, said: “Entering the electronic property settlement market is a natural evolution for ASX. We already settle approximately $70 billion in transactions electronically every day and have been the central settlement venue for the Australian financial market for decades. InfoTrack is the ideal partner as the market leader in legal and property search. It has 18 years’ experience and brings a deep understanding of, and connectivity to, the property conveyancing industry.
“Sympli is an exciting opportunity. Combining the experience and expertise of both shareholders will enable Sympli to provide a compelling offering, which we believe will allow users to easily realise the efficiencies of electronic property settlements.”