The Australian Registrars' National Electronic Conveyancing Council (ARNECC) is progressing the development of interoperability between Electronic Lodgment Network Operators (ELNOs). Currently, there are two ELNO competitors in the market – Property Exchange Australia Ltd (PEXA) and Sympli Australia Pty Ltd (Sympli).
Interoperability gives Subscribers the choice of which ELNOs they use and allows Subscribers using different ELNOs to be able to operate in the one settlement transaction. This supports competition in the ELNO marketplace, as required by the Australian Competition and Consumer Commission (ACCC).
Interoperability Industry Panel
ARNECC is informed by the Interoperability Industry Panel (the Panel) comprising of Registrars and jurisdictional experts, representatives from the Law Council of Australia, Australian Institute of Conveyancers, Australian Banking Association, ELNOs, financial institutions and private land title registry operators.
The ACCC and State Revenue Offices are observing this consultation process, and the Digital Transformation Agency is a member of the Panel’s technical working group.
ELNOs are working closely with Government to develop the technical specifications for Interoperability and great progress has been made. ELNOs have been collaborating to develop data standards, Application Programming Interfaces (API), technical architecture and associated documentation to facilitate interoperability.
The proposed solution allows data from multiple Electronic Lodgment Networks (ELNs) to be aggregated by a single ELN for financial settlement, duty assessment and lodgement with Land Registries. A common data standard will be used for communication between ELNs that will be specified, along with other business requirements, in an API specification.
This technological approach has been designed to ensure cyber security to the greatest extent possible and offer the highest level of security for transactions conducted on a single ELN.
The diagram below visually depicts the API system actions that will enable interoperability between ELNOs.