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

eConveyancing and ELNOs – what’s new

Introducing Sympli A 50:50 partnership between ASX and ATI, the parent company of InfoTrack InfoTrack ASX ✓ Over 25 years of experience in ✓ Runs critical market legal tech infrastructure ✓ 25,000 legal/conveyancing users ✓ Secure and reliable ✓ Immediate integration with 30 ✓ Provides connections to banks practice management systems for financial settlement ✓ Tuned through industry feedback “by users and for users” ✓ Market responsiveness 2

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 E LN. 3

How will the market work with more than one ELNO? 1. Workspace interoperability 2. Everybody signs up to all platforms 4

Everyone signs up for all ELNOs ▪ 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. 5

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 one go down, the other can conduct the settlement. 6

Private and confidential - for discussion purposes only Benefits to Stakeholders Connected Key Benefits Regulators Consumers Participants Authorities Choice and Better User Experience: Enabling all participants to choose the ELN that best suits them P P 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 P P 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 P P 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 P P P P 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 P P P P 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 P P P P 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 P P P P 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 7 redirect transactions to an alternative ELN without any additional effort by market participants)

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

Sympli’s values Designed by users for users – simple is better. It’s about our clients, Simple is better We are a force of positive We challenge each other We want you to not about us change in our industry to be our best feel at home 9

Integration at the core Powerful, seamless, intelligent. ✓ 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. 10

Workflow based Intuitive, efficient, focused. 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. 11

Automated and intuitive Holistic, collaborative, organised. The workspace details all relevant ✓ information – the participants, settlement details and the status of documents and directions. Documents are automatically created, based ✓ on the workspace type and completed with all known data. Notice of Acquisition to be forwarded to ✓ authorities automatically upon settlement. 12

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’. 13

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. 14