The Australian Registrars’ National Electronic Conveyancing Council (ARNECC) has announced the successful delivery of a critical interoperability program milestone – the Day 1 Transactions.
The Day 1 Transactions were two refinance transactions relating to properties in Queensland and involving the two Electronic Lodgement Network Operators (ELNOs) currently operating in the electronic conveyancing market, Property Exchange Australia Limited and Sympli Australia Pty Ltd.
The Day 1 Transactions were designed to test the capacity of both ELNOs to act as the Responsible ELNO and the Participating ELNO in an interoperable workspace, liaise with the outgoing and incoming mortgagee banks, and successfully complete lodgement at the Queensland Land Registry.
The Day 1 Transactions were completed successfully on 12 September 2023 in accordance with the current program timeline.
They represent a critical milestone, demonstrating the technical solution developed by ELNOs is capable of delivering on its objective – enabling networks to complete an electronic conveyancing transaction.
This achievement is the product of significant contributions by industry.
The next phase of the interoperability reform is the design, building, testing and implementation of comprehensive interoperable functionality for all subscribers.
ARNECC is currently consulting with key stakeholders on the progressive rollout of this functionality and will consult on updated Model Operating Requirements which include timing milestones to give greater certainty to industry.