In doing so, the provider said in a statement, delivering technology that increases efficiency that unlocks legal practitioners’ time, allowing them to spend their time delivering expert advice to their clients.

“In general, competitive free markets drive existing and new players to further invest and develop their offerings. For the e-settlements market, this means improving ease of use, as well as delivering agility and efficiency gains within legal practices,” it said.

“Without investment and true competition reform, an industry is held back, and customers see delays in receiving benefits.”

With the continued progress and evolution of e-settlements, Sympli went on, legal practitioners are likely to see benefits that result in greater operational efficiencies and productivity through improvements to e-settlement technology.

“The time savings for legal practitioners will free up capacity to further enhance critical parts of their business and to focus on strategic opportunities,” it said.

“With continued progress being made toward interoperable e-settlement transactions, legal practitioners will have the flexibility to choose the e-settlement platform that best supports their unique business requirements in their day-to-day operations.”

Industry working groups are currently focused, Sympli continued, on building the technical requirements for interoperable e-settlement transactions that enhance user experience whilst maintaining robust security safeguards.

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“Delays to investment and implementation only result in an innovation lag, causing a delay of benefits for legal practitioners and holding the industry back from progress,” it said.

“Interoperability is the key factor in unlocking competition and innovation in the e-settlements market.”

This follows similar remarks made by Sympli, in conversation with Lawyers Weekly, about why interoperability is essential for competition, back in April of this year.

As progress in e-settlement continues, the provider posited, legal practitioners expect to see improvements in end-to-end workflow management that will give customers greater control and empowerment over the settlement process to achieve greater settlement certainty.

“With more than one electronic network operator (ELNO) in market, the industry benefits from a natural resiliency,” it argued.

“This resiliency provides legal practitioners with greater confidence that their transactions will proceed as planned.”

With a truly competitive market in e-settlements on the horizon, Sympli concluded, “ELNOs are progressing critical technological advancements to provide legal practitioners with efficiency gains through interoperable e-settlement platforms that ultimately address the needs of the industry”.

“These developments will continue to maximise the opportunities for platform efficiency that this ecosystem enables.”