When considering deploying a single platform for all their client onboarding requirements and checks, many legal firms, including those with high volume transactions, are actively switching to a more advanced, seamlessly integrated platform, rather than having to piece together several components from individual platform providers for every client or matter.
Some of the advantages of this approach include:
- The ability to engage remotely and securely with clients through a firm branded user journey with an easy to use interface via any internet enabled device.
- Combining all checks including ID Verification, AML, and Source of Funds with document completion and signing in one transaction, to achieve faster completions.
- A reduction in fraud and the option to select the right standard of ID check for the appropriate level of risk on each transaction rather than one-size-fits-all. For example, the highest level of ID checks using NFC Chip ID Verification that are compliant with HMLR Safe Harbour standards for deed signing.
- Secure Bank to Bank funds transfer can be made on the same platform.
- The advantage of being able to link, share and collaborate with Third Parties for any transaction.
- Saving software development costs by integrating with their existing portal or case and document management systems.
- Custom workflows can be easily created, automating processes and again saving time and effort.
- A reduction in re-keying errors and administration time by mapping data back into systems.
- Encouragement of clients to act promptly with the use of adaptive SMS and email messaging.
- Use of a free SmartForms library or custom form creation function enables clients to partially complete forms and finalise later when ready, without losing data.
VirtualSignature-ID is a UK based trusted provider that offers a complete range of Smart Onboarding tools that are modular by design, so firms can choose the applications they need or use the full end-to-end onboarding solution.
Contact us if you would like to know more or set up a free trial evaluation.
This article was submitted to be published by VirtualSignature as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
