ASX Limited (ASX) and InfoTrack parent company Australian Technology Innovators Pty Ltd have announced the establishment of Sympli, which has applied to become an Electronic Lodgment Network Operator (ELNO).
The platform, which is a 50/50 venture between the companies, will develop an electronic property settlements solution based on extensive feedback from users, to support lawyers, conveyancers and financial institutions.
David Wills has been appointed Chief Executive Officer of Sympli and stepped down as General Manager Business Development at InfoTrack.
“ASX has been watching the evolution of electronic property settlements with great interest. By establishing Sympli in partnership with InfoTrack, ASX sees an opportunity to leverage its expertise and infrastructure to deliver a marketleading offering in property e-Settlements, which will make doing business easier and deliver efficiencies to its users,” Dominic Stevens, ASX’s Managing Director and CEO, said.
Stephen Wood, InfoTrack’s Chairman, said: “As Australia’s leading technology provider of end-to-end electronic conveyancing, InfoTrack is keenly interested in the successful adoption of e-Settlements across Australia with minimal disruption to market participants.
“We have listened to feedback from the market and our clients who want choice between Electronic Lodgment Networks and the benefits that come from competition. We are thrilled to be working with ASX on this important market initiative. InfoTrack has 18 years’ experience in working with industry to develop technology and services that support efficient property transactions.”
David Wills, Sympli’s Chief Executive Officer said: “Sympli is well advanced in developing a seamless and reliable technology solution that will automatically integrate with users’ existing practices and systems. Subject to regulatory approvals, we plan to commence operations towards the end of 2018.
“We look forward to continuing to engage with the market to create an experience which truly delivers on the anticipated efficiencies from e-Settlements for all users.”
If the application is approved, Sympli will reflect a new dawn for property settlements in Australia. Utilising the ASX’s experience in electronic settlements and InfoTrack’s experience in property settlement, it seems likely the new platform will prove to be a popular alternative to current paper-bound processes.
It’s estimated that the electronic property settlement industry in Australia will have potential revenues of more than $200 million. Sympli is expected to begin operation towards the end of 2018.
The ASX expects to invest $30 million in the venture over three financial years, including $7 million in 2018. The ASX estimates Sympli will break-even in the 2021 financial year.
