The national interoperability regime to make Electronic Lodgement Network Operators (ELNOs) more cooperative has progressed into targeted consultation.
As part of a recent reform to the regime, it is now one step closer to confirming all interoperable transactions to be functional by mid-2023.
Relevant Federal Ministers and their representatives from all jurisdictions met on October 18, 2021 to discuss progress with the national interoperability reform, to support a sustainable competitive market structure for electronic conveyancing.
Their goal continues to ensure the execution of effective market competition that can be achieved in order to facilitate an environment to provide Australians the benefit from lower prices, better service and more innovation.
triSearch CEO, Taylah Allen said secure national interoperability regime is an important step forward for the longevity of the property tech industry.
“Our industry is fuelled by competition. It’s how our industry continues to build a reputation for its entrepreneurship and modernisation of the conveyancing and property law workflow,” Allen said.
“Competition between Electronic Lodgement Network Operators will force the industry to continue to innovate and provide the industry with more choice in their e-settlement tech.”
The recent national interoperability regime included the following:
• The Electronic Conveyancing National Law Amendment Bill is ready for targeted consultation,
• Industry and jurisdiction officials have developed the initial version of the Application Programming Interface (API) specification describing communication between Electronic Lodgement Network Operators (ELNOs) and are finalising the design of the API specifications required for the first interoperable transaction,
• National Model Operating Requirements version 7 has been updated with stakeholder feedback for a second round of consultation in November 2021, and
• Jurisdictions, peak bodies and ELNOs continue to work together to define an approach for the ELNO interoperability agreement, with the Australian Competition and Consumer Commission as an observer to this working group.
At this current stage of progression, all State and Territory ministers agreed to the following key dates for implementation to deliver a secure national interoperability regime and effective competition:
• February 2022: NSW to introduce changes to the national law into NSW Parliament,
• 3rd Quarter 2022: Commence with ‘Day 1 transaction’ (being a limited scope refinance, not available in the market generally), and
• Mid-2023: all interoperable transactions functional, with roll-out commencing in jurisdictions in the second half of 2023.
triSearch partners with industry leading ELNOs as part of its comprehensive all-in-one conveyancing workflow. Using triSettle, you can Stamp, Lodge and Settle your next property matter all through the triSearch platform.