NAB signs up to Sympli ELN

Electronic conveyancing (e-conveyancing) body Sympli has revealed that National Australia Bank (NAB) has been named to its electronic lodgement network (ELN).

Under the arrangement, NAB can now collaborate electronically on the preparation of registry instruments, the settlement of the funds, and the lodgment of instruments with the land registry to complete conveyancing transactions through Sympli. 

Speaking of the deal, Sympli chief executive Philip Joyce said: “As we continue to build and strengthen our partnerships with Australia’s major banks, our connection with NAB delivers another key milestone for Sympli.

“Our connections to the major banks are an important enabler for Sympli to deliver solutions that create real competition and value for our customers and the Australian e-conveyancing market.”

The announcement reflects a growing momentum towards the actualisation and implementation of e-conveyancing in the country. 

A ministerial directions statement published earlier this month by the Australian Registrars’ National Electronic Conveyancing Council, regarding an October meeting over e-conveyancing reforms, confirmed that the first steps of regulations will roll out from early next year.

However, the inclusion of NAB into Sympli’s ELN also reflects a previously announced push by ASX. 

Speaking at the 2020 ASX full-year results brief, ASX CEO Dominic Stevens conceded that the Sympli initiative had been slowed down by COVID-19 and the Hayne royal commission, but added that “we expect to be connected to all four banks this financial year.”

In 2018, ASX confirmed it was teaming with Australian Technology Innovators, the parent company of InfoTrack, to form Sympli.

“Importantly, the NSW Government and the ACCC have been very supportive of interoperability in this market,” Mr Stevens added. 

The big four banks have previously been employing the part-Commonwealth Bank of Australia-owned Property Exchange Australia (PEXA) for e-conveyancing.

In April 2018, PEXA announced that NAB had reached 100,000 online transactions through its settlement platform.

At this time, PEXA was the only certified ELN operator (ELNO) in the country. 

Since November 2018, both Sympli (Schedule 3, Category 2) and Purcell Partners Pty Ltd (Schedule 3, Category 1) have been named as ELNOs. 

[Related: E-conveyancing reforms on track to begin next year]