Armalytix, which uses open banking technology to streamline the collection of data for the professional and financial services industries, has been selected by Minerva, an electronic onboarding solution for law firms, to create an intelligent, digital onboarding service for the legal market and estate agents.
Minerva’s client onboarding solution speeds up the end-to-end process for new clients, ensuring that law firms can receive and accept quotes, complete KYC and AML services, and receive complete digital forms and questionnaires. Through the partnership with Armalytix, Minerva’s clients now have access to Armalytix’s Source of Funds analysis and reports, which have been fully integrated into the platform and provide an easy, visual way for lawyers to gather the correct source of funds information from their clients to manage compliance and money laundering risks.
Law firms are subject to stringent Source of Funds and Anti-Money Laundering requirements when onboarding new clients. Minerva creates a one stop shop for legal companies and their clients, using the success of challenger banks, such as Starling and Monza, in revolutionising the banking industry, as a template for Minerva’s unique offering. Minerva’s solution takes the typical time spent on an onboarding process for conveyancing firms from two to three weeks, down to 48 hours, making the entire onboarding process more efficient for clients, speeding up transaction time.
Ben Mills, the Commercial Director at Minerva commented:
“We’re delighted to announce our partnership with Armalytix, cementing our onboarding solution as best in class for our clients. Armalytix’s Source of Funds analysis integrates perfectly with our current solution, to ascertain client’s source of funds in a way that is easy to understand, and entirely digital. Armalytix is an important piece of the puzzle for our platform, ensuring we can deliver a complete and efficient onboarding process and support law firms in embracing the intelligent future now.”
Tom Lyes, Head of Legal and Property at Armalytix said:
“Our vision to create a form free future fits in perfectly with Minerva’s mission to provide seamless, digital onboarding for clients. Our Source of Funds tool ensures that clients can meet AML and fraud checks for compliance and regulatory purposes, and digitises the process, allowing for a better client experience. We’re excited to be supporting Minerva as one of the top providers of client onboarding solutions in the legal world.”
Minerva and Armalytix went live with their integrated solution in January.
This article was submitted to be published by Law Firm Services 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.