In today’s digital landscape, the legal industry faces the challenge of ensuring secure and efficient client onboarding while adhering to stringent Anti-Money Laundering (AML) regulations. This is where Electronic Identity Verification (eIDV) comes into play.

eIDV software provider gives law firms a streamlined and intelligent way to verify client identities, meet AML requirements, and complete due diligence processes accurately and swiftly.

eIDV leverages advanced technology and data sources to verify the authenticity of individuals’ identities remotely, eliminating the need for in-person verification. By incorporating eIDV solutions into their practices, law firms can enhance security measures, optimise operational efficiency, and remain compliant with evolving regulatory frameworks.

In this article, we will explore the significance of eIDV for law firms and the challenges they face in selecting the right eIDV software provider. We will delve into the essential features and considerations that law firms should prioritise when choosing an eIDV solution. By understanding these factors, law firms can make informed decisions and establish successful partnerships with eIDV software providers that align with their specific needs and objectives.

The challenge of finding the right eIDV Software Provider:

As the demand for eIDV solutions grows, law firms face the daunting task of selecting the most suitable software provider from a crowded market. The right eIDV software can make all the difference in ensuring a seamless and secure onboarding process, enabling law firms to effectively verify client identities, mitigate AML risks, and perform thorough due diligence.

However, with numerous options available, law firms must carefully evaluate their requirements and consider critical factors when choosing an eIDV software provider. This includes assessing the provider’s features, compliance capabilities, integration capabilities, support services, and future scalability. Making the wrong choice can lead to inefficiencies, compliance gaps, and potential risks.

In the following sections, we will outline the key considerations that law firms should keep in mind when selecting an eIDV software provider.

By understanding these factors and their implications, law firms can navigate the selection process with confidence and find a trusted eIDV partner that meets their specific needs.

1. Support Service

Not all clients are tech savvy and comfortable using an app to verify their ID and others may simply not have correct technology. Therefore, it is absolutely essential for an eIDV software provider to provide a support service for your firms clients and staff. By extension, your eIDv software provider is representing and upholding  your firms reputation and client experience. You should evaluate whether the eIDV provider offers a support service, and if so, determine if it comes at an additional cost. Access to high-quality, consistent client support is crucial in enhancing completion rates and ensuring a positive client experience.

2. Setup and Flexibility

Getting started with a eIDV software provider looks different to every law firm, depending on size, budget, users and area of law, there are many things to consider for a smooth and efficient setup by the provider. Depending on your requirements, you may need to evaluate whether integration with your existing Case Management System (CMS) is possible, the time and cost associated with integration, and the need for development resources. Alternatively, an out-of-the-box software application can provide faster deployment and lower installation costs, either way it is critical that you ensure the provider can accommodate your firm’s specific requirements.

3. Product Roadmap

AML regulations and compliance processes require software that is constantly evolving, therefore you should assess the provider’s product roadmap to gauge their ability to evolve and meet your firm’s future needs. Consider whether they have adapted to changing regulations, such as the HM Land Registry Digital ID Standard or other international standards. A provider that demonstrates the capacity to grow and keep up with evolving standards is crucial for long-term success. Also, the provider may have or be working towards implanting other products/solutions that can further streamline the process of onboarding such as document signatures and payments.

4. Compliance and security

Compliance and security are paramount considerations when selecting an eIDV software provider for your law firm. The provider should demonstrate a strong commitment to data protection and regulatory compliance, giving you confidence in the security of your clients’ sensitive information. Here are several factors to consider in this regard:

Certifications and Accreditations: Look for eIDV software providers that hold industry-recognised certifications and accreditations. For example, certifications such as Cyber Essentials and ISO accreditations demonstrate a provider’s adherence to best practices in data security. These certifications validate that the provider has implemented robust security measures and follows established standards.
Digital ID Trust Framework Certifications: A reputable eIDV software provider should be aligned with recognised digital identity trust frameworks, such as the GOV.UK Verify scheme in the UK. This certification ensures that the provider follows the government’s guidelines for securely verifying digital identities, providing assurance that their processes and technologies meet the highest security standards.

Association with Legal Bodies and Regulations: Consider whether the eIDV software provider has associations with legal bodies or regulatory organisations. This demonstrates their commitment to serving the legal industry and staying up to date with relevant regulations. For example, they may be a member of legal professional associations or have partnerships with industry-leading organisations involved in setting compliance standards.

Software Review Sites and Customer Reviews: Explore software review sites and customer reviews to gain insights into the experiences of other law firms using the eIDV software provider’s services. Look for positive feedback regarding compliance features, data security, and overall user experience. This helps to validate the provider’s claims and gives you confidence in their ability to meet gives you confidence in their ability to meet your firm’s compliance and security requirements.

Expertise in AML Regulations and Law Firm Compliance: Beyond the technology itself, consider the expertise of the team behind the eIDV software. Verify that the provider has a deep understanding of AML regulations and law firm compliance requirements. This ensures they can effectively guide and support your firm in implementing compliant processes and adapting to regulatory changes.

Integration capabilities

Integration capabilities play a crucial role in the successful implementation of an eIDV software solution within your law firm’s existing technology infrastructure. When evaluating an eIDV software provider, consider the following factors related to integration:

API or SDK Integration: Determine if the provider offers Application Programming Interfaces (APIs) or Software Development Kits (SDKs) that allow seamless integration with your firm’s Case Management System (CMS) or other relevant software systems. APIs and SDKs provide the necessary tools and documentation to connect the eIDV solution with your existing technology stack. This ensures smooth data transfer and minimises disruptions to your workflow.

Customisation Options: Assess whether the eIDV software provider offers bespoke options to tailor the solution to your specific requirements. Customisation allows you to align the eIDV software with your firm’s branding, user interface preferences, and specific compliance workflows. The ability to customise the solution ensures a seamless integration experience and enhances user adoption.
Pre-Built Integrations: Inquire about pre-built integrations with popular platforms commonly used in the legal industry. This includes CMS, document management systems, or other software solutions specific to law firms. Pre-built integrations save time and effort by providing ready-made connections between the eIDV software and your existing technology stack. This facilitates a quicker deployment and reduces the need for extensive development work.

Proprietary Technology: Consider whether the eIDV software provider owns and develops their proprietary technology. Providers that develop their own technology platforms tend to have more flexibility in terms of customization and integration capabilities. They have direct control over the software’s features and can adapt it to meet specific client needs. Additionally, owning the technology allows for faster updates and enhancements to address evolving compliance requirements.

Reception by Software Providers and Case Management Systems: Research how the eIDV software solution is received by other software providers and case management systems commonly used in the legal industry. Look for partnerships, collaborations, or endorsements between the eIDV provider and other industry-leading software vendors. Positive reception and collaboration indicate that the eIDV software is recognised and trusted within the legal technology ecosystem, ensuring a seamless integration experience.

6. User experience and training

User experience and training are vital considerations when choosing an eIDV software provider. A user-friendly and intuitive platform, coupled with comprehensive training and documentation, ensures that your team can effectively utilise the software and maximise its benefits.

User-Friendly Interface: Evaluate the user experience of the eIDV software platform. Consider its ease of use, intuitiveness, and overall design. A well-designed interface simplifies the onboarding process for your team, reducing the learning curve and increasing efficiency. Look for features such as clear navigation, intuitive workflows, and easily accessible functions to enhance the user experience.

Customisation Options: Assess whether the eIDV software provider offers customisation options to tailor the platform to your firm’s specific requirements. Customisation allows you to align the software with your branding, visual preferences, and specific workflows. This ensures a seamless integration of the eIDV software into your existing processes and enhances user adoption.

Training and Onboarding Support: Consider the level of training and onboarding support provided by the eIDV software provider. Adequate training is crucial to ensure that your team can effectively utilise the software’s features and functionalities. Look for providers that offer comprehensive training sessions, whether in-person, virtual, or through self-paced online modules. Additionally, inquire about ongoing support options to address any questions or issues that may arise during usage.

7. Comprehensive features

Comprehensive features are essential when selecting an eIDV software provider to ensure robust identity verification and compliance capabilities. Here are some key considerations regarding the features offered by the provider:

AML Screening: The eIDV software should include robust Anti-Money Laundering (AML) screening features, such as screening against Politically Exposed Persons (PEPs), sanctions lists, and adverse media. It is important to verify if the provider covers a wide range of jurisdictions and has the ability to screen individuals from different countries effectively.

ID Document Scanning: The software should offer reliable and accurate ID document scanning capabilities. This enables the verification of identification documents, such as passports or driver’s licenses, to confirm the authenticity of the presented information. It is crucial to check if the provider can handle various types of identification documents and has the ability to verify documents from different countries.

Facial Recognition: Facial recognition technology plays a vital role in verifying the identity of individuals. The eIDV software should include robust facial recognition capabilities to match the live image of the user with the photo on their identification document. This helps prevent spoofing or fraudulent attempts during the verification process.

Liveness Detection: Liveness detection is an important feature to prevent impersonation and ensure that the person being verified is physically present. This technology determines if the presented face is that of a live person, preventing the use of static images or videos for identity verification.

Compliance with HM Land Registry’s Digital ID Standard: If your law firm deals with property transactions, it is crucial to ensure that the eIDV software provider complies with HM Land Registry’s Digital ID Standard. This standard sets requirements for securely verifying digital identities for property transactions. Compliance with this standard ensures that your firm can meet regulatory obligations in property-related matters.

Address Verification: Look for eIDV software that offers electronic address verification capabilities. This allows for efficient and accurate verification of client addresses, reducing the need for manual checks and paperwork. Ensure that the provider can verify addresses in various countries and has access to reliable data sources.

Ongoing Monitoring: Consider whether the eIDV software provider offers ongoing monitoring for PEPs and sanctions lists. Regular monitoring ensures that your firm stays updated on any changes in the status of individuals or entities, providing an extra layer of risk mitigation.

8. Client Responsibility and Completion Rates

Client Responsibility and Completion Rates are important considerations when selecting an eIDV software provider. Assessing how the provider handles the responsibility of identity verification and the impact on completion rates can greatly impact the efficiency and security of your onboarding process. Here’s what to consider:

Client Self-Verification: Look for an eIDV software solution that places the responsibility of identity verification on clients themselves. This can be facilitated through a user-friendly mobile app that guides clients through the verification process. By empowering clients to complete their own checks, you streamline the onboarding process, reduce administrative burdens on your firm, and improve efficiency.

Mobile App and Facial Recognition: A solution that incorporates a mobile app for client self-verification offers the convenience and flexibility for clients to complete the process at their convenience. Look for eIDV software that includes facial recognition testing as part of the verification process. Facial recognition enhances security by ensuring that the person being verified is physically present and prevents spoofing attempts.

Improved Completion Rates: Client self-verification through a mobile app has been shown to significantly improve completion rates. By providing clients with a user-friendly and accessible method to verify their identities, you minimize barriers to completion.

Completion Rates: Inquire about the strategies employed by the eIDV provider to maximise completion rates. Factors to consider include whether the solution collects additional AML information required for specific transactions, if the provider assists in chasing clients to complete their checks, and whether failed or repeated checks incur additional costs for your firm. A provider that actively works to increase completion rates and expedite the onboarding process can save time and reduce compliance risks.

By considering these top 8 factors, you can make an informed decision when selecting an eIDV software provider. Verify 365 offers comprehensive features, client-centric solutions, maximised completion rates, support services, flexible setup options, a robust product roadmap, reliable data coverage, compliance and security measures, seamless integration capabilities, and a user-friendly platform. When exploring eIDV providers, weigh your firm’s needs against what Verify 365 can offer to make a decision that positively impacts your clients and business.