By Legal Futures Associate Lawtech Software Group
There are so many important elements that make up Verify 365 but perhaps one that goes under the radar is the fact that our technology has been crafted and created by legal experts who understand the unique demands and pressures placed on lawyers, solicitors and conveyancers.
With over two decades of experience within the legal sector, our technology is tailored to meet the necessary requirements and ensure you are practising compliantly within the regulatory guidelines. We have the edge over the competition given we understand the challenges and intricacies involved when working within the legal sector. You could reap the rewards of our expertise, knowledge and technology which has been created with the objective of streamlining processes, enhancing due diligence processes and ensuring compliance within the regulatory guidelines.
This article dissects why our legal expertise has been crucial in crafting Verify 365 and how we’ve put your needs at the forefront of our technology with the objective of onboarding clients and verifying their information simpler and efficient for you and your team.
Verify 365: Crafted by legal experts
The common challenges
Given the complexities associated with cases, we crafted technology that enables you to focus on your core legal work. We understand the challenges onboarding clients can present and that list includes:
Verifying your client’s identity – This can be a complicated process especially if all the information provided isn’t accurate alongside they may not have the relevant documents. These can create unnecessary pressures on you and your team because there is also the risk and compliance factors to consider especially if the process drags considerably.
Verifying address information – Alongside verifying an individual’s identity, confirming their address information can also pose awkward challenges, especially if they do not have the correct documents to confirm they live where they say they do. Providing false information can also drag the process, further affecting the ability to do your job.
Obtaining financial information – An essential part of the due diligence processes is verifying an individual or businesses’ financial information and data. This can pose significant challenges including false information, suspicious transactions and anomalies within the financial data. It can be very difficult to establish the true source of funds and indeed, the source of wealth.
Slow workflows – Legal professionals strive for efficient processes that ensure they can do their job both fast and effectively. Slower workflows make the onboarding process much more strenuous than it needs to be, causing further delays and taking you away from core legal matters.
Long, withdrawn onboarding processes – Manual processing can limit opportunities and make the onboarding process much longer. It can be increasingly frustrating, especially when focus is taken away and expansion opportunities are affected.
Regulatory compliance – Perhaps the biggest challenge businesses operating within the legal sector face. There are so many fine lines and its essential firms understand the regulations in place whoever their governing body is. This can be complicated especially if your processes are spread across numerous softwares or if everything is done manually. There can be major uncertainty as to whether you are operating compliantly or not.
Legal technology dealing with the day-to-day challenges
Because our technology is crafted by legal experts with extensive experience, we’ve ensured our technology meets the requirements needed for businesses operating within the legal sector to deal and conquer these challenges each and everyday.
Through our innovative client onboarding platform, you can confirm the identity of an individual within a few minutes using our award-winning DynamicID technology. Using facial recognition, NFC technology and liveness scanning, our technology verifies over 10,000 legal documents from over 200 countries within a few minutes to confirm the identity of your client.
In addition to this, you can confirm an individual or businesses’ address through the Verify 365 platform. Our technology recognises proof of address documents from over 40 countries including utility bills, bank statements, mortgage statements and electoral rolls. You can fully verify an individual lives where they say they do and confirm the physical location of a business.
We enable you to mitigate risk and prevent fraud through our comprehensive source of funds checks available through the Verify 365 platform. Our winning combination of open banking technology, advanced AI analytics and source of funds questionnaire enable you to analyse financial data and decipher an individual or businesses’ source of funds and source of wealth. Our source of funds checks will help you mitigate risk, confirm suspicious activity and prevent fraud while also protecting your business from potential threats.
With everything a firm needs built into one effective platform, your workflows are much more efficient and faster, meaning you can onboard clients rapidly and increase the ability to expand your services. Crucially, Verify 365 is fully compliant, ensuring you don’t need to worry about any of your checks or onboarding processes being ineffective and at risk of potential sanctions. Verify 365 is built within the frameworks of the Solicitors Regulation Authority.
Legal professionals are at the heart of what we do
Our technology puts businesses working within the legal sector at the forefront. We have crafted an innovative product designed to tackle those regular day-to-day challenges and help you streamline. You can rest easy knowing everything you need is available on one platform because we have created the ultimate AML, KYC and compliance solution product.
Your needs are at the heart of what we do, and because our legal experts have experienced those same challenges, we want to ensure their years of knowledge and expertise are spread across our technology. If you would like to discover more about Verify 365 and how we can transform your client onboarding processes, book a comprehensive free demo with our expert team today.
