e-conveyancing operator Sympli has settled on a change of strategy.
Sympli says it is now calling on governments “to deliver a ‘practitioner-first’ release as an initial release of interoperability to enable choice for lawyers and conveyancers.”
“A practitioner-first release means that banks can remain on the monopoly [PEXA} network, whilst Sympli offers choice to tens of thousands of lawyers and conveyancers” Sympli said late last week.
In business since 2018 as joint venture between the ASX and InfoTrack, Sympli has made little headway into eroding the first mover advantage of PEXA, in spite of the (nominal) support of the ACCC and ARNECC, the regulator, for competition in the domain of e-conveyancing.
“This practitioner-first approach will enable tens of thousands of lawyers and conveyancers to use their platform of choice now and enjoy the lower fees and innovative features available through Sympli’s platform” the company said.
“Whilst this will not immediately address the need for market resilience, it does mean that much-needed choice and benefits for small businesses can be delivered sooner and industry can work towards building a redundancy for the market in the medium term.”
Sympli said it has spent time consulting with industry stakeholders “and has received wide support for this practitioner-first release.”
Sympli called on ARNECC, the regulator, and governments to prioritise this practitioner-first release of interoperability and enable choice for lawyers and conveyancers across Australia.
Sympli CEO, Philip Joyce, said: “Sympli remains fully committed to delivering competition as the second ELNO in this market and choice to tens of thousands of lawyers and conveyancers across industry.”