Ann: Presentation - UK update and proposed acquisition of Smoove, page-44

The ELNO said: “Whilst today (12 September) highlights that government and industry are ever more determined to bring competition to this market, it is also a stark reminder that we are still years behind schedule, with day 1 first scheduled for 2021 and full interoperability originally due to be live by mid-2023.”Sympli chief executive officer Philip Joyce added: “It is critical that we keep this momentum towards full interoperability going full steam ahead to ensure we meet the goal promised to industry of competition by 2025 at the latest. Customers deserve the benefits of competition as soon as possible.”PEXA confirmed the pilot tests were successful; however, its chief customer and commercial officer, Les Vance, added it was conducted within a low-risk environment.Speaking to The Adviser, Mr Vance commented: “The first two interoperability transactions have been completed this week and were conducted in a controlled, low-risk setting involving two refinancing cases and two banks.“As we now enter a period of review, it’s important to note we are still at the very early stages of the overall program.“There is still a long way to go to deliver interoperability between ELNOs given the complexities of the reform. By comparison, there are 3.7 million property transactions that occur on the PEXA platform each year across Australia, between approximately 160 lending institutions, more than 10,000 practitioners, six land titles offices and five state revenue offices.“We will continue to work constructively with governments through the interoperability program to ensure the continued reliability, resilience and security of e-conveyancing across the country.” So in other words it’s years away..