E-lodgement disruptor Sympli has added NAB to its network, with property transactions handled by the bank now able to take place on the platform.
It makes a major milestone for Sympli, who are aiming to disrupt the e-conveyancing marketplace that is currently dominated by PEXA.
“The banks are a major part of being an e-lodgement network operator, so for us to disrupt what is currently a monopoly market by PEXA, we have to built connections with major banks, land registries and revenue offices,” said Philip Joyce, CEO of Sympli.
“NAB becoming part of our network and allowing us to support their customers is massive. It opens up a lot of the market, and to help them with their transactions as a customer is also a really important milestone for the business. We’re really pleased and look forward to a long partnership with them.”
Sympli seeks to provide an alternative to PEXA within the same e-lodgement market. Currently, over 95% of transactions are carried out on just one provider.
“Think of it like the telco industry,” said Joyce. “If you’ve got an Optus phone and your friend has a Telstra phone, you still want to be able to talk to them even though they’re on a different network. In the Electronic Lodgement Network Operator (ELNO) market, it’s the same, and there’s one network today, PEXA.”
“It’s one network and it supports all the transactions that traverse the property sector. We’ve entered the market because we believe we can offer customers choice, value and innovation, and we’ve built our network to compete.”
“Over time, we want to have the banks and lawyers who support Australians buying houses to choose whoever they want to go with – ourselves, PEXA or anyone else – and to have confidence that the transaction will work irrespective of who the other party are with.”
“In the future when this is live, any party who we support, whether bank or a conveyancer, it won’t matter who the other partner is, because the transaction will work. That’s why interoperability matters.”
“That’s why the recent landmark decision to bring this live by June 2023 was so important, because it gives the industry confidence and certainty that it is where we are heading. It gives customers the confidence that they can subscribe to whatever ELNO they wish and their transaction will work.”
“Today, without interoperability, you have to have all parties buying a house on the same network. Currently, we don’t have that, because they’re all on the monopoly.”
“We have 18 months until interoperability goes live to conclude the foundation connections and then build our own capabilities and customer presence such that we bring real competition and choice, supported by interoperability when it is live.”
“It’s a little bit like Open Banking: it’s all based on people sharing data to support customers. Interoperability fundamentally is meant to empower customers to have choice, because choice/ drives innovation and value.”
“A market can’t flourish under monopoly conditions, never has and never will. We’re in this market because we observed that there were problems that needed to be solved to make the process more efficient for banks, lawyers and conveyancers, and ultimately for people buying houses.”
“The NAB announcement is an important part of the jigsaw as it continues to round out our network, and sends a strong signal to market that we’re doing more, our platform and coverage is growing, that will only increase as we get towards interoperability.”
“When that goes live, clearly, then it is a strong competitive market where customers are empowered to choose as they wish.”
