A newly launched third part managed account (TPMA) says it “leaves banking hours behind” and enables transactions to be completed “instantly at any time, including weekends” added its founders.
Fintech Kord, which provides client onboarding, client money, and payments for regulated businesses, has launched Kord Custody with what its says is the first dedicated legal sort code: 04-10-26. Kord added the TPMA brings together payment and verification in a single trusted network. All account holders are verified by Kord meaning trusted counterparties can be identified before sending client money, reducing fraud risk. Accounts operating under the 04-10-26 sort code can receive payments via Faster Payments, CHAPS and BACS, while Kord also supports card payments and digital wallets including Apple Pay and Google Pay.
James Owusu, CEO and founder of Kord, said: “Buying a home or settling a major commercial matter should not depend on whether a bank is open. This launch marks the moment that legal transactions leave banking hours behind. Crucially, it provides enhanced security alongside greater operational efficiency. Fraudsters often exploit uncertainty, but our settlement network embeds trust and verification into each transaction, helping end Friday afternoon fraud. The legal sector finally has infrastructure designed specifically for its needs.”
Steve Carle, Kord Board Director appointed by Guinness Ventures, said: “Kord Custody sits alongside Kord’s existing client verification (Checkboard), eligibility (Kord Data), and secure payments (Kord Pay) propositions, supplying the missing link to law firms to enable high-value transactions, backed up by a full audit. This gives our customers a full service offering which is unique in the market, providing them with the assurance that money is moving safely and securely from one correct account to another.”
Kiu Kim, Investment Director at Beringea and Board Director at Kord, said: “Client money sits at the centre of a law firm’s risk, and the infrastructure managing it hasn’t kept pace with regulation. Kord Custody removes that risk at source rather than insuring against it after the fact, and is the kind of category-defining product we backed Kord to build.”
One Response
Progress is always interesting, but setting aside security concerns for a moment (what happens when a rogue employee at Kord disappears with the money; what happens is Kord goes bust etc), is giving the ability to complete at all hours of the day (and therefore for all concerned to have to be working at all hours of the day) a good thing?