Relevant Ministers and their representatives met to review progress with the national interoperability reform on 28 February 2023.
Attendees discussed updates to the two-stage planned rollout ultimately to support a sustainable, competitive market structure for electronic conveyancing.
The “Day 1 transaction”, which is a limited scope refinance relating to property in Queensland between the two Electronic Lodgment Network Operators (ELNOs) Property Exchange Australia Limited (PEXA) and Sympli Australia Pty Ltd (Sympli), was moved from March 2023 to September 2023.
The shifted rollout was mainly due to high volume changes required to the Application program Interfaces, testing regime for bug fixes, retesting, and full integration, as well as time needed for adjustments to both ELNOs’ production release schedules.
The “Day 2” delivery, consisting of interoperability functionality to market, was confirmed to be delivered in three stages so it can be delivered as soon as possible.
- Release 1: limited refinance capability with a small number of financial institution subscribers, including 56 APIs both existing and new, built to full specification.
- Release 2: complete refinance functionality to unlimited subscribers.
- Release 3: full interoperability functionality to unlimited subscribers.
The first stage of Day 2 is scheduled for June 2023. This timeline will also coincide with the expected completion of Day 1 build and bug fixing.
The timing for Releases 1, 2 and 3 is expected to be agreed by ELNOs and proposed to the Australian Registrars’ National Electronic Conveyancing Council (ARNECC) for endorsement shortly.
Once the Day 2 scope and timetable are settled, ARNECC will update the Model Operating Requirements to reflect this and will monitor the timely delivery of program milestones.
More information regarding the engagement with key stakeholders can be found in the official Ministerial Forum.
To stay up to date with the latest in interoperability reform and other news from around the industry, subscribe to the free monthly newsletter, The Conveyancer Digest.