PEXA Group Limited is set to support two pilot transactions next week as part of the interoperability reform of the Australian e-conveyancing sector.
The ‘proof of concept’ is due to take place in Queensland next week. Each of the two electronic lodgement network operators (ELNOs) – PEXA and Sympli Australia Pty Ltd – are participating in the tests along with two lending institutions.
PEXA Group Chief Customer and Commercial Officer, Les Vance, said the tests would provide the industry and regulator with further insights into the work required to deliver interoperability.
“After two years we have reached the point where we can test the concept of interoperability in a carefully controlled environment,” Mr Vance said.
“This limited pilot is designed to provide a better understanding of the complexity, the cost and the impact on industry stakeholders of interoperability. Through the work to date, it is clear this reform is significantly greater than originally assumed, which is important to understand at this relatively early stage of the overall program.”
PEXA currently facilitates approximately 3.7 million property transactions a year across Australia.
“We will continue to work constructively with Governments through the interoperability program to ensure the continued reliability, resilience and security of e-conveyancing across the country,” Mr Vance said.
For more information, please contact:
Danielle Tricarico – Head of Corporate Affairs, PEXA
M: 0403 688 980
PEXA is a world-leading ASX-listed digital property exchange platform and property insights solutions business. Since 2014, PEXA has facilitated more than 16 million property settlements through the PEXA Exchange in Australia, with 88% market reach, and has launched in the UK. The PEXA Group of companies, including .id (Informed Decisions), Value Australia and Land Insight, deliver digital insights and property solutions that help government, financial institutions, banks and property practitioners to unlock the future value of property.