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Revolutionising legal accounting – Cashroom lead the way with integrated open banking

Cashroom has become the first in the legal accounting industry to integrate open banking technology into their client portal – increasing efficiency for law firm clients.

Cashroom have recently launched a new integration into their custom-built client portal which now supports open banking on all supporting banks. Open banking creates a link between the client portal and the bank, allowing Cashroom’s legal cashiers to access transactions directly, without the need to log into the banking platform each time. This new feature is revolutionary and will allow Cashroom to speed up incoming fund response times for clients. For firms in conveyancing, this is of particular interest. Increasing speed of transactions and incoming funds can decrease delays in conveyancing chains and in turn result in happier clients. This open banking technology is supported by RBS, NatWest, Bank of Scotland, Lloyds and more.

To compliment this new feature, Cashroom have also built a bank statement importer feature which allows reports from the bank to be uploaded to their portal, saving time by making the need to manually create incoming fund forms redundant.

Both new features also benefit from suggested matching and annotation functionality to assist Cashroom’s teams of legal cashiers to spot new or expected receipt transactions. This should help increase efficiency further and reduce the time spent on each incoming fund transaction – this in turn will delight the law firms’ clients as the process is faster and more secure.

Chris O’Day, CEO, said:

“This is a fantastic development. It is a further example of the cutting-edge technology we have been able to develop as a team. For us to be able to automatically pull bank transactions into the portal without the need to log into the banking platform will be a massive help to cashiers working on incoming funds. No one else has yet been able to develop this technology. Other providers can do this overnight for the day before, but we will be doing this in near real-time. Well done to everyone involved in developing this, beginning with vision and idea, through scoping and design to development and now implementation.’”

These new features eliminate the risk of human error as there is no need to type or copy/paste information from the bank, it is automatically populated from the bank itself. To further reduce risk, these imports are read only and locked, meaning no edits can be made by accidental human error.

Cashroom clients will see the benefits of this development through increased efficiency, risk reduction and the speed at which their legal cashiers can complete incoming funds checks. Another benefit for Cashroom clients is that they will see the benefits in speed and efficiency without anything changing on their end, everything will look the same, meaning no new process to get to grips with. Allowing clients to benefit from the functionality without any disruption to their existing workflows was paramount in the development of this feature.

Cashroom’s legal cashiers have been working with these developments for a few weeks now and the feedback has been excellent.

Paul O’Day, CTO, said:

“I’m delighted we’ve been able to successfully launch this exciting new feature in our platform. As well as the obvious efficiency and speed benefits of being able to monitor our clients bank accounts for incoming monies in a near real-time manner, this should offer lots of additional quality and security benefits also. Our engineering team at Cashroom are constantly looking for ways to innovate and build secure, automated and efficient tools to help our clients ensure compliance and this is the latest in a line of integrations we’ve designed and built to do this.”

“It’s a great feature, saves so much time logging into banks.” – Dianne Clifford, Team Leader, Cashiering

“This is an amazing new feature and a real credit to all involved” – Paul Yates, Team Leader, Cashiering

There is no other legal accounting provider with access to this level of technology. The benefits this development brings Cashroom clients holds them above the rest in terms of their own clients’ happiness. This is an exciting update for the UK legal industry. Cashroom’s in-house development team are constantly working on improvements and new developments to further benefit their clients as they continue to revolutionise legal accounting.

This article was submitted to be published by Cashroom 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.

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