We have seen significant progress in the Australia property industry in recent years towards the adoption of online electronic conveyancing systems and processes. The COVID-19 pandemic accelerated this adoption as the community had to rely on digital and electronic solutions to connect with one another and maintain business continuity.
Momentum has continued in this space as the need for digital conveyancing solutions have become not only necessary, but a preferred way to operate. During this critical period of transformation key industry stakeholders have been coming together in various forums and workshops to consider how interoperability should work in the industry.
As of February 2022, changes to the Electronic Conveyancing National Law (ECNL) will be introduced into NSW Parliament, to deliver a secure national interoperability regime and effective competition in the Electronic Lodgment Network Operator (ELNO) space.
What are the changes?
The amendments will require an organisation approved as an ELNO to establish and maintain interoperability with each electronic lodgment network operated by another ELNO.
These significant changes pave the way for national interoperability, with better competition and choice for practitioners.
Keep up to date with the announcement and read the full ARNECC statement here.
What does this mean for lawyers, conveyancers, and financial institutions?
Interoperability between ELNOs offers the right for every practitioner to choose their ELNO irrespective of the ELNO used by another transacting party.
Currently, all parties to a conveyancing transaction must subscribe to the same Electronic Lodgment Network Operator (ELNO) to complete the transaction. This is because ELNOs are unable to exchange information, or ‘talk’ to each other, to complete a transaction. With more than one ELNO now operating in NSW, lawyers and conveyancers will be able to transact efficiently and securely while only subscribing to the ELNO(s) they choose.
When are the changes expected to be implemented?
ARNECC have come together to support implementation of interoperability by 2023, with the aim to have the solution live as soon as practicable, and by no later than the end of 2023.
Born from one of Australia’s largest legal Practice Management systems, InfoTrack pride ourselves on offering integrated solutions and expertise to manage and these transitions, and guide practitioners through them. As the ELNO space evolves, InfoTrack will be on the front-foot to ensure smooth integration and usage for all parties.
