SYMPLI has now connected with two out of four major Australian banks, as the e-conveyancer moves up to take its share of the industry from PEXA.
The electronic property settlement business, which was launched in 2018 in a partnership between ASX and InfoTrack, has now connected with a second major bank, which is currently unnamed.
“This connection is the next step in introducing competition into the market, giving customers the choice to move away from the current monopoly and drive innovation,” said Philip Joyce, CEO of Sympli.
PEXA currently holds the lion’s share of the $270 million a year electronic property settlement market and was last December threated with price regulations by the ACCC, until the proptech company came up with a new model for competition, which was endorsed in March.
“We are determined to drive for better outcomes for customers of e-conveyancing. We are challenging the status quo and simplifying processes to deliver greater efficiencies for customers,” said Joyce.
According to Joyce, this connection with another major bank will enable Sympli to effectively disrupt the industry, giving new options and outcomes to practitioners and clients.
“As a key disruptor Sympli will ensure competition through the pursuit of interoperability and deliver on the promises of e-conveyancing by delivering a seamless customer experience and a product that offers value for money,” added Joyce.
In May, PEXA teamed up with Domain, in a partnership that will combine the proptech company’s data on the property industry with the online real estate portal.
“With the support of key industry stakeholders, including the banks, we are committed to ensuring deadlines for the achievement of interoperability in the e-conveyancing industry are met. In doing so, we will ensure the industry, and all its stakeholders, are set up for long-term success,” concluded Joyce.