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This week, Sympli completed its first financial settlement, marking a new step for the online conveyancing industry.
With ANZ and Gold Coast firms K2 Law and WP Lawyers, the ASX-backed company completed the electronic settlement of a Queensland property.
The process marked a milestone for the industry which creates more competition and choice from practitioners, lawyers and financial institutions, Sympli said.
“This is an important step forward for the long-term interests of the industry and for Sympli’s progress,” CEO David Wills said.
“To create a sustainable conveyancing market, competition is incredibly important. A competitive marketplace will deliver real benefits to end users; it challenges e-settlement service providers to continuously innovate and improve their service offerings.”
As the company grows its capability to meet demand, it will expand its presence in Australia, Mr Wills said.
This technology is critical for going forward, ANZ’s lead of home loan operations, Anthony Templar, said.
“The growth of electronic settlements in Australia is critical to providing a better settlement experience for our mortgage customers, and we are pleased to have been part of Sympli’s first settlement.”
This settlement was part of Sympli’s soft-launch phase, which allows it to execute registrations in low volumes across New South Wales, Queensland and Victoria.
The company looks to increase efficiencies, which will provide better value by offering e-settlements that are 15 to 50 per cent lower for subscribers.
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