An update on competition from PEXA

By Simon Smith

I’d now like to reiterate this message more broadly with industry and consumers. Allowing new electronic lodgement network operators (ELNOs) to enter the property market and coordinating how present and incoming providers will interact with one another from a technical perspective – otherwise known as interoperability, remain key priorities for our industry.

PEXA is fully supportive of competition for our sector. We’re actively contributing to working groups covering these initiatives, in collaboration with all industry parties and great progress continues to be made.

It’s always been our commitment that any solution developed doesn’t introduce additional risk, cost or complexity within the property settlement process to our members or their clients.

Critically, Australia’s homebuyers and sellers need to remain at the heart of any solution. We will continue to be strong advocates for this moving forward.

Looking ahead, PEXA is now recommending that the next phase of the journey is dedicated to creating opportunities for industry professionals to provide “hands on” perspectives, ensuring that the journey maps being conceptualised are reflective of the feedback from industry.

We’re also advocating for the continuation of shared workspaces, so that in any system, all participants can see what needs to be done to complete a transaction. In addition, we’re working to ensure the high service standards, system stability and cyber security you know and deserve remain key considerations for the working groups.

To support transparency of this process, ARNECC has committed to publishing discussions around competition and interoperability on its website, which are readily accessible.

Currently available documentation includes a statement from governments and industry bodies confirming the collaborative approach to industry’s next steps, as well as a description of the emerging interoperability model.

As always, if you have any questions, reach out to us and keep an eye out for further updates in upcoming editions of Property Now.