Progress towards launch of new e-conveyancing platform

Sympli receives Category 1 approval to operate as an ELNO Sympli Australia Pty Ltd (Sympli) has announced that it has received Category 1 approval from the Australian Registrars’ National Electronic Conveyancing Council (ARNECC) to become an Electronic Lodgment Network Operator (ELNO). This takes Sympli a significant step closer to providing the conveyancing market with a choice in e-Settlement solutions. As a result, Sympli can now commence negotiations for approval to provide and operate as an ELNO with each State and Territory Registrar. Sympli plans to work closely with each State and Territory Registrar on this process and to apply with […]

Email hack results in $250K settlement funds being stolen during electronic property settlement

According to Fairfax Media reporting: MasterChef finalist Dani Venn woke to a housing nightmare on Monday when it was confirmed $250,000 from the settlement of her semi-rural property on the outskirts of Melbourne was stolen after her conveyancer’s account was hacked. Unbeknown to Ms Venn and her conveyancer, Sargeants Knox Conveyancing, the proceeds of the sale were transferred to a fraudster’s bank account after hackers accessed the conveyancer’s electronic property transfer account and added themselves as another user. … The hackers broke into the conveyancing firms’ email accounts, accessed their mail from PEXA and set up new user accounts. They then intercepted emails […]

Not one but two new e-conveyancing settlement platforms

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 […]

eConveyancing Industry Award Winners

Conveyancers, property lawyers and the major banks spearheading the digitisation of property transactions were recognised at a gala awards dinner in Melbourne on 22 May 2018. The evening was the culmination of industry-wide conference PropertyX, held by Property Exchange Australia (PEXA), with presentations from ARNECC, the Department of Finance, Services & Innovation of the NSW Government and Deloitte earlier in the day. The awards were created to celebrate those driving the industry’s digital reform, with winners drawn from the pool of over 6,000 conveyancers and lawyers and 140+ financial institutions on-board with PEXA. The awards were split into three categories: […]

PEXA surpasses one million digital property transactions

Property Exchange Australia (PEXA), the electronic property exchange platform, has now completed more than one million property transactions[1], with over half of those transactions occurring in the last 10 months. PEXA, formed to fulfil a Council of Australian Governments’ (COAG) initiative, aims to deliver a national e-Conveyancing solution to the Australian property industry. The company has been operating since 2010. Australia’s property market is valued at approximately $7.5 trillion[2] and in 2017 it was reported that an average of 590,000[3] dwellings changed ownership each year. In the existing paper-based process, approximately one in four property settlements are delayed, risking financial […]

Overseas expansion opportunities could underpin PEXA’s sale price

Does PEXA have plans to go global? Marcus Price, CEO of PEXA says that his organisation is in active conversations with a number of countries.  PEXA’s sale or IPO was expected to benefit from an effective monopoly position. Then, in February 2018 to the surprise of many, InfoTrack confirmed that it intended partnering with ASX to provide an electronic property settlement platform. Subject to regulatory approval from ARNECC, the platform is expected to be operational this year. Formidable competition to PEXA now hangs over its sale. Overseas expansion may alleviate such a setback.  The PEXA platform began to be built in 2011. Since day-one it […]

ASX and InfoTrack to Compete with PEXA

InfoTrack has confirmed that it intends partnering with ASX to provide an electronic property settlement platform. Subject to regulatory approval from ARNECC, the platform is expected to be operational this year.  Mr Dominic Stevens, CEO of ASX said that ASX is investigating how it can leverage its existing infrastructure for the platform.  Legal Practice Intelligence understands that the co-operation between ASX and InfoTrack is likely to be in the form of a jointly owned private entity. The name of the new platform has not yet been announced.  Also not known is whether there will be any integration between the new platform and PEXA. […]