First ‘practitioner to practitioner’ transfer on Sympli successful

First ‘practitioner to practitioner’ transfer on Sympli successful

In an Australian first, the first ‘practitioner to practitioner’ transfer on the Sympli network was successfully completed last Friday. This marks a major milestone in Sympli’s road map as it continues to ramp up its market activities to deliver choice, certainty, and efficiency to industry and consumers.

The successful transfer occurred between two legal firms, Smartlaw, acting for the vendor, and Lawlab, acting for the purchaser. This marks the first time that a network other than the monopoly was used for a transfer between two practitioners.

In another major milestone, the transfer was enabled through a trust account from another major bank.

Sympli would like to thank Smartlaw and Lawlab for their support and dedication to ensure that this transaction was successful.

Sympli looks forward to working with all stakeholders as it continues to deliver a network that places the needs of customers and industry at its core.

Sympli Chief Executive Officer, Philip Joyce, said, “This transfer represents another milestone in Sympli’s market activities – it is clear that there is a strong appetite from practitioners, customers and financial institutions for a better and more efficient network for property settlements”.

“I would like to thank our trusted partners, Smartlaw and Lawlab, and the major banks as we develop a network that will deliver choice, innovation and efficiency to industry and consumers.

Smartlaw Solicitor Nicholas Wilkinson, said, “It was such an easy transaction, we love the simplicity of Sympli’s user interface and look forward to shifting more and more of our national conveyancing practice to them.  We already use them for our caveat lodgements and we jumped at the opportunity to begin transfers.  All we need now is for State Governments to push PEXA into providing the necessary functionality to allow interoperability so all conveyancers/lawyers/settlement agents and their clients can have a choice of which electronic settlement platform to use.”

Lawlab Director Richard Bootle, said, “We are really excited to be part of this milestone for the conveyancing industry.  We have been without competition in the settlement arena since PEXA convinced various State governments to mandate their service.  Prior to that it was a very competitive industry with thousands of providers.  Today is a glimmer of light for our industry and our clients with service and price competition becoming a reality again.   We want to thank Sympli for the courage to fund and build an alternative ELNO.”