eConveyancing and ELNOs whats new Introducing Sympli A 50:50 - - PowerPoint PPT Presentation

eConveyancing and ELNOs – what’s new

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Introducing Sympli

A 50:50 partnership between ASX and ATI, the parent company of InfoTrack

ASX ✓ Runs critical market infrastructure ✓ Secure and reliable ✓ Provides connections to banks for financial settlement InfoTrack ✓ Over 25 years of experience in legal tech ✓ 25,000 legal/conveyancing users ✓ Immediate integration with 30 practice management systems ✓ Tuned through industry feedback “by users and for users” ✓ Market responsiveness

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Why create a second ELNO?

▪ Sympli was established based on feedback from thousands of industry participants to deliver a more efficient and user-friendly e-settlement service. ▪ Benefits that flow from competition include:

▪ Enhanced reliability ▪ Greater efficiency ▪ Competitive pricing ▪ Better quality of service ▪ Fostering innovation

▪ Because a competitive ELNO market:

▪ is expected by market participants ▪ brings benefits to the market which are not available in a monopoly environment ▪ is the basis on which the regulatory framework has been designed.

*ARNECC’s right to terminate or suspend an ELN’s licence for a major security failure is ineffective where there is only one ELN.

How will the market work with more than one ELNO?

• 1. Workspace interoperability
• 2. Everybody signs up to all platforms

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Everyone signs up for all ELNOs

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▪ Costly and time consuming to sign up and train on multiple platforms. ▪ National e-conveyancing laws or contracts require expansion. ▪ Will be necessary in the early stages because interoperability is not yet a reality.

Workspace Interoperability

▪ Interoperability is the capacity of a system to work with other systems without any special effort on the part of the customer. ▪ It facilitates the sharing of workspace information between ELNOs. ▪ You choose which ELNO you want to use and have a seamless experience when dealing with a party using a different ELN. ▪ Systems could also provide back-up for one another; should

• ne go down, the other can

conduct the settlement.

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Benefits to Stakeholders

Key Benefits

Regulators Consumers Participants Connected Authorities

Choice and Better User Experience: Enabling all participants to choose the ELN that best suits them and a seamless experience when dealing with participants who have chosen a different ELN Cost Benefit to the Market: The cost of implementing workspace interoperability could be wholly borne by ELNOs while still providing the opportunity for ELNOs to reduce pricing for the benefit of participants and consumers Efficiency and Cost Savings: Enabling all participants to use the ELN that delivers the greatest efficiencies to them and end customers, without being forced to use other ELNs (e.g. Sympli has provided guidance to the market that its service will be priced 15-50% lower than PEXA, but these savings would not be available to a participant that was forced to use, say, PEXA for a settlement) Promotes Innovation: Enabling participants to choose their ELN will promote ELN innovation which is especially important in a new and technology-driven market such as the e-Conveyancing market (i.e. without workspace interoperability, greater commonality between ELNs will be necessary) Promotes Competition: Promoting efficient competition and new entrants in the market by removing the structural bias (known as the “network effect”) for the market to gravitate towards a single ELN which risks, over time, establishing a single monopoly provider Regulatory Enforcement: Establishing a genuinely competitive marketplace puts ARNECC in a better position to enforce the MOR (e.g. ARNECC’s right to terminate or suspend an ELN’s licence for a major security failure is ineffective where there is one dominant ELN) Market Resilience: With multiple ELNOs having the capacity to lodge and settle, marketplace resiliency is improved (e.g. in extreme circumstances where an ELN is unable to perform its lodgement/settlement function, an interoperability service between ELNs could be used by ARNECC/Registrar to temporarily redirect transactions to an alternative ELN without any additional effort by market participants)

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Private and confidential - for discussion purposes only

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4 December 2018 ➢ Government & Industry eConveyancing interoperability forum hosted by NSW Minister Dominello (“Interoperability Forum”) ➢ Minutes of this meeting distributed by NSW ORG 10 December 8 January 2019 ➢ PEXA letter to NSW ORG with their observations from Interoperability Forum 15 January 2019 ➢ Sympli open letter and white paper regarding Interoperability Forum 18 January 2019 ➢ Workspace interoperability technical working group discussed a technical whitepaper developed by Sympli ➢ Minutes of this meeting distributed by Sympli 22 January 18 January 2019 ➢ Open letter from Simon Purcell to NSW ORG regarding Interoperability Forum 30 January 2019 ➢ Presentation by Sympli to ARWG on workspace interoperability 31 January 2019 ➢ Draft API specification to be distributed by Sympli for discussion 1 February 2019 ➢ Presentation by Sympli to VLRS on workspace interoperability 7 February 2019 ➢ Proposed workspace interoperability technical working group follow up meeting 14 February 2019 ➢ 2nd Government & Industry eConveyancing interoperability forum

Workspace Interoperability - Recent chronology

Private and confidential - for discussion purposes only

Sympli’s values

It’s about our clients, not about us Simple is better We are a force of positive change in our industry We challenge each other to be our best We want you to feel at home 9

Designed by users for users – simple is better.

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Integration at the core

✓ Significant efficiencies are gained for end-users who opt for integration between Sympli and their existing environment. ✓ Automatically imported transaction information to Sympli upon workspace creation, or acceptance of an invitation, ensures accuracy.

Powerful, seamless, intelligent.

✓ Prioritises tasks across an organisation in accordance with the user’s permissions – a user will only see what they need to work on. ✓ Combines all the tasks from all workspaces and gives you one place from which to work. ✓ Guides you on what needs to be done and when. ✓ Due dates incentivise users to complete tasks in a timely manner. ✓ Manage your work without going in and out of matters. ✓ Filter your tasks to get an overall view of your day/week/month.

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Workflow based

Intuitive, efficient, focused.

✓ The workspace details all relevant information – the participants, settlement details and the status of documents and directions. ✓ Documents are automatically created, based

• n the workspace type and completed with

all known data. ✓ Notice of Acquisition to be forwarded to authorities automatically upon settlement.

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Automated and intuitive

Holistic, collaborative, organised.

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Where are we now?

• Received regulatory approval from ARNECC to operate as an ELNO in November 2018.
• Commenced operations in Queensland on 12 December 2018.
• And in Victoria on 20 December 2018 in a ‘soft launch’.

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What’s next for Sympli?

▪ Complete our first 4 party transaction in April 2019 in Queensland. ▪ Expand services nationally and across all dealing types throughout 2019. ▪ In Victoria, we’re a little hamstrung by the State Revenue Office who are not ready to connect with us. ▪ Caveats are currently available, Mortgages and Discharges will be available within the next few weeks, followed shortly thereafter by ASPs and

• APRs. Transfers will be available around August.