Thirdfort Goes Live With Automated Source Of Funds Product
On 10 March, Thirdfort, an FCA regulated software company, launched its first in kind Source of Funds product. It uses bank linking technology to streamline administration, while improving reliability in knowing where clients’ money comes from.
A lawyer is able to access this capability through Thirdfort’s website and send the client a text message with a link to download the Thirdfort mobile App. The App guides the client through a simple 3 minute journey where they take a picture of their identity document, they record a short video speaking into their smartphone camera and then the client can choose to link their bank within Thirdfort’s secure environment. Over 50% of users of the App are opting-in to do this and avoid the alternative of providing 6–12 months of physical banks statements and filling out a source of funds questionnaire to satisfy their lawyer.
The system instantly gives lawyers visibility over the largest relevant payments in and out of their accounts, which in most cases is sufficient for lawyers to satisfy themselves as to where a clients’ money comes from. Since launch, 7 law firms have gone live on the platform and with many clients opting in to linking multiple bank accounts.
Feedback has been positive, with Lawyers complimenting the ease of use, significant time saving and noting how many clients like the ease of access on their smartphone.
As well as its Source of Funds product, Thirdfort offers lawyers instant access to cutting edge ID and document verification technology, which is significantly more reliable at spotting fake documents and determining whether the person is who they say they are. Later in 2019, Thirdfort are launching a Third Party Managed Account (TPMA), to offer lawyers an alternative to managing client money in house, further cutting payment risk and administration. This is following the recent amendment to the SRA’s accounts rules.
For further information, head to thirdfort.com or email [email protected]