As we approach the 1 July 2019, NSW Office of Registrar General electronic conveyancing mandate, the next issue to be progressed is the feasibility of “interoperability” within the national electronic conveyancing system.
Interoperability is the ability for two separate and competing platforms to seamlessly interact with each other to provide an undisrupted service. With interoperability multiple Electronic Lodgement Network Operators (ELNOs) will create a competitive econveyancing market, offering subscribers various points of differentiation such as pricing, service, security, and user experience – something that conveyancers have enjoyed for many years from a variety of service providers.
From an industry perspective, having multiple interacting ELNOs will provide a reduced concentration risk. From a user perspective, interoperability means that you will have the ability to choose the ELNO you prefer whilst the other parties in your settlement may choose to use other ELNOs.
The Hon. Victor Dominello led the initiative to explore whether Interoperability was feasible by establishing a Review which has been overseen by Independent Chair, Mr Rob Nicholls, facilitated and supported by Gilbert + Tobin and which consulted with all industry stakeholders including representatives from AICNSW/ AIC National who provided the perspective of conveyancing practitioners.
The Review is considering, through two working groups, Technical & Operational and Regulatory, the feasibility of interoperability and the issues and considerations that will need to be resolved to facilitate a competitive national system.
We are looking forward to receipt of the first draft report due to be delivered on 4th July. At that time, we will have more information to share with you.
AICNSW has been supportive of the investigation and consideration of the Interoperability review. We remain confident that this considered and inclusive review will inform a robust final review about the relative merits of interoperability between ELNOs.