London, UK – Verify 365 Digital Onboarding Technology, a leading provider of AML and identity verification solutions for law firms, has been selected to take part in a UK trade mission aimed at promoting the country’s innovative legal technology solutions to the Australian market.
The UK’s legal services market is the second largest in the world and worth around £25 billion to the economy. UK firms have been at the forefront of creating innovative legal technology solutions, and Verify 365 Digital Onboarding Technology is one of the leading companies in this field.
“We are thrilled to be selected to take part in this UK trade mission to Australia,” said Rudi Kesic, CEO of Verify 365 Digital Onboarding Technology. “Australia is a key market for us, and we see great potential for our digital onboarding solutions to help the legal sector in Australia to improve its customer experience.”
Ardi Melikian, Director of Verify 365’s Sydney office added, “We are excited to bring our expertise in digital onboarding to the Australian legal market. Our solutions will enable Australian legal firms to provide their customers with an active, personalised, and digitally-enabled legal experience, meeting the expectations of tomorrow’s clients and ensuring they stay compliant with AML regulations.”
The UK Government selected 8 innovative UK companies that specialise in legal technology solutions who are at the forefront of British ingenuity and epitomise the legal technology evolution in the UK. These companies have successfully worked in the UK and internationally to address sector-specific challenges.
The new UK-Australia Free Trade Agreement (FTA) highlights professional and legal services provisions for both freer movement of people, and the mutual recognition of legal qualifications, that will foster greater movement of ideas and innovation in the lawtech space in the near future.
“Provisions relating to digital trade – particularly on data-sharing initiatives and electronic contracting – will also bring specific benefits to the legal sector,” added Rudi. “We look forward to meeting with our Australian counterparts and exploring ways in which we can collaborate to drive innovation in the legal technology space.”
“Verify 365 has made significant breakthroughs in the legal tech industry with our innovative solutions, such as DynamicID biometrics. Our platform offers a dynamic and flexible approach to identity verification, covering over 200 countries and utilising advanced biometric, NFC and behavioral analytics to detect fraudulent activity,” added Ardi. “In Australia, law firms are required to comply with Anti-Money Laundering regulations, which Verify 365’s DynamicID can assist with. The platform enables firms to easily and quickly verify the identity of clients, confirm source of funds using Open Banking technology and screen their clients against global sanctions watchlists. This not only ensures compliance but also streamlines the onboarding process and improves the overall client journey experience.”
As part of the trade mission, the selected companies will be exhibiting at the Legal Innovation & Tech Fest, taking place on 1st and 2nd May 2023 in Sydney, which will bring together hundreds of lawyers and lawtech experts to explore the vast market opportunities offered by legal technology and how law firms in Australia can benefit from its adoption. With the global legal tech market expected to reach $30 billion by 2026, the event will provide a platform for UK legal tech companies to showcase their solutions and engage with legal professionals.
The trade mission is part of a wider initiative by the UK Government to promote UK-developed legal technology solutions to international markets.