Sympli receives final ARNECC approval to establish competition in electronic property settlements
- Category 2 regulatory approval granted enabling Sympli to become an ELNO
- Sympli’s pricing to be 15-50% lower than alternative solution
Sympli Australia Pty Ltd (Sympli) has announced that it has received Category 2 approval from the Australian Registrars’ National Electronic Conveyancing Council (ARNECC), the industry regulator, paving the way for competition and choice in the e-conveyancing market.
The Category 2 regulatory approval is the final ARNECC sign-off required for Sympli to become an Electronic Lodgment Network Operator (ELNO).
Sympli is now advancing negotiations with each State Registrar ahead of its soft launch in late 2018, before formally launching in the first half of 2019.
Following receipt of this approval, Sympli has also released pricing guidance for its e-settlement service. Sympli’s prices will be set on a per successful lodgement basis, with each document priced between 15 and 50% lower than the current market provider.
Sympli CEO David Wills said the team had developed an innovative and intuitive e-settlement service that was a step closer to launch with the final regulatory approval.
“Initial feedback from roadshows involving thousands of industry practitioners has been overwhelmingly positive, particularly about Sympli’s capacity to fully integrate with their practice management systems, our customisable workflow and task management, and its simple user interface,” Mr Wills said.
“With the final ARNECC approval granted, competition and choice in the e-settlement market is imminent. This is an outcome that will deliver better value and service for conveyancing practitioners and financial institutions.
“We’ve listened to feedback from industry and it’s clear that practitioners want a secure and reliable way to perform property settlements easily. We are delighted to be driving innovation in the Electronic Lodgment Network market and furthermore, to offer our services on more affordable terms than the current market provider,” he said.