Check it out message from Veyo team
"I would ask you to check it out and I believe that Veyo will be more efficient than you are presently using. Don’t take my word for it, come and check it out." Des Hudson, Chairman of Veyo.
As most of our readers will be aware, the Law Society has formed a joint venture vehicle with Mastek to create Veyo, the long awaited Law Society backed conveyancing portal.
Last Thursday the audience at the SLC and Bold Legal Group conference were given the chance to ask questions about the project in a public forum. Desmond Hudson, as Chairman of Veyo and Elliot Vigar the Chief Executive of Veyo presented to a vocal audience of about 150 the benefits of the new Law Society Conveyancing Portal.
Stating that the new system is due to be launched in spring next year, Des and Elliot describe the service as "Designed by the industry for the industry", and called Veyo "the home of conveyancing". The two set out the key benefits for conveyancers using the system stating that it will:
- Save time
- Have CQS best practice hardwired into it
- Saves money by speeding up transactions
- Create a secure platform for the transmission of emails and documents
- Create an audit trail of activity
- Create transparency within chains
- Be a real time live feed
- Have all the information a conveyancer requires on screen
- Fully integrated for registration with Land Registry
- Assurance about the other party and creation of a safe community
- Smart way to service clients and provide them with information
- Screens will be branded in firm’s colours
- A chain view will be provided to estate agents and clients
- A deal room will enable on line negotiation and drafting
- The system will be cloud based and mobile responsive
More benefits were promised into 2015
According to the Veyo team, the cost of this will be funded by flexible pricing structures that are likely to include an annual license fee and a cost per case, however Des Hudson clearly stated "It is not the intention to price anyone out of using Veyo."
Questions from the audience were grouped together by the Radio 4 presenter and Compare, Paul Lewis. The first batch of questions asked :-
"Is Veyo only effective if other firms take it up on mass? What happens to the natural existing case management systems?"
"Will integrations with existing case management systems be ready before launch?"
"Will only be effective if the whole chain use it?"
"Does Veyo use CQS conveyancing protocol?"
"Do we have to use Veyo?"
Des Hudson replied saying that Veyo will be available to any conveyancer in the market and that he was clear that Veyo will reduce the cost of conveyancing and that the more people that use it the bigger the benefits will be.
Des stated "You will save money using it alone but you will save more money if more people use it."
He urged conveyancers in local markets to come together to invite the Veyo team to come and demonstrate its benefits early next year.
Des confirmed that they had recently started talking to case management providers and that he expected integration to be available for launch.
Paul Lewis sought further information about the system with the team stating that it is "A complete end to end system, taking every step, from billing to archive."
Paul Lewis continued asking, "What is the actual problem that this system will resolve?"
Des stated, "It brings the use of an end to end process that will make it easier, quicker and will save money in every step of the process."
Paul then invited Simon Law who is the Chairman of the SLC to comment.
Simon said "I would kind of like to know which case management providers you are talking with and you say it is by conveyancers, for conveyancers. Who actually are they as there is no SLC involvement?"
Rob Hailstone of the Bold Group added "Which case management provider and which conveyancers and which lenders? What about the advertising at Twickenham, isn’t this too early and aimed at the wrong audience?"
Elliot Vigar of Veyo responded saying "We have made contact with the case management providers but we won’t name names as many are under non-disclosure agreements."
Paul Lewis enquired when these talks had started and Elliot confirmed that the conversations with the Legal Software and Suppliers Association had started the day before the conference, but other case management providers had already said there was sufficient time to be integrated for launch.
Elliot went on to explain that, "There is no point in us talking to other entities without being in a position to have a discussion. We are ready to have those conversations now. We are willing and wanting to integrate to case management systems. We are not seeking to be a case management system. It is not too late to integrate."
Des went on to respond to the questions as to which conveyancers were involved in the design and testing groups saying, "I can’t list names without their consent but we have licensed conveyancers, large, medium and small firms in our initial group and we are going to have scores of firms in beta testing.
"We would like to come to your office and take you through every step of the process and we will show how we will save you money and you are smart people and you will make your own decisions.
"I am very, very clear the proof of the pudding is in the eating, see it close up and then make your choice."
Paul invited further questions from the audience;
A CLC regulated member stated "How on earth can this make any sense when we have a system that does all this already? Why would we pay for this? How can it be a saving?"
David Pett of MJP asked "When I renew my CQS application in future will I be doing it through Veyo?"
Desmond Hudson reiterated that firms should wait for the opportunity to look at the full system before making any judgement about its value.
It was also confirmed that members of the Law Society’s Conveyancing Quality Scheme would not be dependent on use of Veyo.
Simon Law made the point that where firms receive work from referrers there may be circumstances where triple keying occurs being the update of the firms on the case management system, then the referrers system and then Veyo. He stated clients may be confused having access to both the Veyo tracking system and the referrers tracking system. He went on to say, "at the moment on the face of it I cannot see how it saves licensed conveyancing practices any money."
Desmond responded saying, "I understand the skepticism, all I am asking is for you to check it out. You will see it all and make your choice."
Rob Hailstone of the Bold Group controversially challenged the Veyo team saying "I have been following this for 18 months, Isabelle De Souza came and went with her promises. I just hope we are hearing the truth and we are moving forward."
Elliot responded saying, "There is no spin, there is substance. One of the things about Veyo is the scale of rumour and false stories coming out that is interesting. Don’t rely on rumour, come and see the facts."
Our policy is generally not to pass comments on the information we provide to our readers. However we believe if any organisation can truly bring a more effective method of transmission of information between conveyancers and create a chain view, then it is to be welcomed. We all know the present system creates significant challenges for a home movers.
Veyo’s ability to deliver this is in their own hands and is influenced by the interaction and tone of discussions they have with all other interested parties. Throughout the presentation and debate, the Veyo team urged firms to wait until the New Year to have demonstrations of what they have built.
The expectations and benefits of what they are going to deliver in Spring is certainly very high and has been set by Veyo itself. If they deliver what they say they will with the demonstrable benefits and features they claim, they will have pulled off something no one else has done. However they have set the bar high and they have set it themselves. Let’s wait and see the delivery.
In the meantime if you want to discuss Veyo you can contact their Sales and Marketing team on 020 7936 9177 or alternatively contact [email protected].