Are you in search of a more efficient and streamlined method for verifying a client’s source of funds quickly and intelligently? In this article, we delve into the benefits of using Verify 365 Source of Funds, demonstrating how it can not only save you valuable time but also reduce costs while enhancing your due diligence process.
Traditional methods of gathering this crucial information often involve extensive back-and-forth communication, which not only delays the onboarding process but can also be cumbersome for both clients and legal professionals.
Verify 365, a technology platform that is revolutionising Source of Funds verification, eliminating the need for time-consuming exchanges and providing a comprehensive view of clients’ financial backgrounds.
The Challenge of Traditional Source of Funds Verification
Traditionally, verifying a client’s source of funds has been a laborious and sometimes frustrating process. Law firms would request financial documentation, including bank statements, tax records, and explanations for large transactions. This method required clients to provide sensitive information repeatedly, leading to privacy concerns and lengthy delays.
Moreover, it often meant that clients had to provide additional details and clarifications, leading to a back-and-forth communication loop that could extend the onboarding process for days or even weeks. This inefficiency not only frustrated clients but also posed challenges for law firms seeking to comply with Anti-Money Laundering (AML) regulations.
Verify 365 Enterprise Solution
Verify 365 offers a cutting-edge solution to the Source of Funds verification challenge. By harnessing the power of Open Banking technology, the platform allows law firms to obtain a comprehensive and up-to-date view of a client’s financial situation quickly and securely.
Here’s how it works:
Efficient Data Access
Verify 365 leverages its direct connections to over 3000+ banking systems, enabling it to retrieve relevant financial data directly from the client’s bank accounts. This eliminates the need for clients to manually provide bank statements or other financial documents. The connection works by end users simply connecting Verify 365 Enterprise App to the selected banking app.
The platform provides instant access to a client’s financial history, including income, expenditures, and account balances. This real-time verification ensures that law firms have the most current information at their disposal. The Source of Funds analytics is then stored on each contact on the dashboard which will present up to 24 months financial analytics, providing a deep insight into the financial history of the client.
Verify 365 prioritises data security, using advanced encryption and security measures to protect sensitive financial information. Clients can trust that their data is handled with the utmost care and confidentiality. The Open Banking integration is FCA-regulated giving end users confidence that security and data protection is a priority.
With Verify 365, law firms can easily meet AML and Know Your Customer (KYC) requirements. The platform compiles a detailed Source of Funds report, giving law firms a clear picture of the client’s financial background, including income sources, regular expenses, and transaction history. Enhanced due diligence requirements require lawyers to check the financial history of the client, and this tool helps the law firms carry out this task quickly and efficiently.
Reduced Client Friction
Clients no longer need to gather and share extensive financial documentation manually. Verify 365 simplifies the process, reducing client friction and making it easier for them to engage with legal services.
Benefits for Law Firms
The benefits of using Verify 365 for Source of Funds verification are substantial:
Verify 365 significantly reduces the time required for Source of Funds verification. What used to take days or weeks can now be accomplished within hours, allowing law firms to onboard clients more swiftly.
The platform ensures that law firms remain fully compliant with AML and KYC regulations, mitigating the risk of financial crime and regulatory penalties.
Improved Client Experience
Clients appreciate the efficiency and simplicity of Verify 365. It enhances the overall client experience, making it more likely that they will return for future legal services.
Legal professionals can redirect the time saved on Source of Funds verification to more value-added activities, such as legal research, client consultation, and case preparation.
Verify 365’s Source of Funds verification solution is a game-changer for law firms seeking to streamline their client onboarding process and enhance compliance. By eliminating the need for extensive documentation and communication, it offers a more efficient and secure way to assess clients’ financial backgrounds.
In an era where regulatory compliance and client satisfaction are paramount, Verify 365 stands at the forefront of innovation in legal technology, helping law firms thrive in the digital age.