Thirdfort has launched its updated Secure share product to help estate agents boost referrals through the secure sharing of ID and AML reports.
By using Secure share, estate agents will be able to boost referrals, potentially generating additional revenue and strengthening strategic relationships with conveyancers.
This is supported by research from Thirdfort that shows 36% of homemovers are more likely to use a solicitor recommended by an estate agent if both parties have processes in place to communicate and share information with each other.
During a property transaction, both the estate agent and the conveyancer will ask the buyer and seller to complete the same Know Your Client (KYC), Anti Money Laundering (AML) and Source of Funds (SoF) verification. However, this needless repetition slows down property transactions, delivers a poor experience for home movers and creates unnecessary friction between the agent and lawyer.
To overcome these issues, property professionals can now offer simple and secure report sharing for their clients and the other professional advisors involved in the process. Buyers and sellers are more likely to go with the conveyancer an agent recommends if they do not need to repeat the same verification process. As a result, agents can boost referral fees and conveyancers can win more business if they enable the secure sharing of KYC, AML and SoF reports. Olly Thornton-Berry, co-founder and managing director at Thirdfort, said:
“In a competitive marketplace agents and conveyancers should explore the benefits of securely sharing ID and AML reports. By tackling such needless repetition, Secure share significantly cuts transaction times, helps agents easily refer clients, and provides a great client experience. All while meeting all regulatory requirements. In short, Secure share helps agents and conveyancers fight fraud, not each other.”
At a recent Thirdfort webinar on Secure share, Will Coulter, Managing Director, Thomas Legal, said that Secure share “helps reduce the duplication in the information that clients need to provide to their estate agent, conveyancer and mortgage broker”. He continued:
“That removes significant frustration for the client, and helps speed up the transaction. Thirdfort already reduces ID and AML verification time from days to just minutes, and now with Secure share, onboarding the client has become even quicker and more secure. In terms of client experience, Secure share helps promote a more fluid transaction and a more joined-up approach between all the parties involved.”
How Secure share works
Once the buyer or seller has completed their KYC, AML and SoF verification using Thirdfort’s app, their report can be securely shared with other professionals such as a conveyancer or mortgage broker. In line with the principles of the government’s Digital Identity and Attributes Trust Framework, Thirdfort is the first in the market to facilitate the secure sharing of ID and AML reports, keeping all sensitive client information safe on Thirdfort’s platform. Secure share differs from a reliance agreement as all parties will do their due diligence on the completed report.
Thirdfort facilitates KYC, AML and Source of Funds verification using AI, biometric verification, and Open Banking. It has transformed a cumbersome process that took weeks into one that takes just minutes. The client compliance platform has verified more than 1.5m people on behalf of more than 1,200 conveyancers, lawyers, estate agents and other regulated professional services firms.
