Enhanced confirmly now drives automatic bank account verification in 97% of cases – LMS
LMS, the UK’s leading conveyancing services provider, has today (11 May 2023) announced the launch of enhanced confirmly, its law firm identity checking technology, that drives automatic bank account verification in 97% of cases.
The new and improved version sees a vastly increased number of law firms covered by the technology, allowing more searches to return data automatically and reduce the amount of time firms need to wait before transferring funds.
LMS confirmly technology uses LMS Panel Link and specialist data, as well as gathering trusted third-party data, to reduce the risk associated with money transfers throughout the conveyancing journey. LMS responded to feedback from law firms who wanted more readily available data to reduce the number of cases going through manual checks and speed up the process for even more transactions. To do so, it has engaged with a wider set of additional firms, including commercial firms and property developers that were not yet part of the LMS panel, to widen market access and reduce the need for manual referrals.
These manual checks are now only needed in 3-4% of cases as the innovation increases the number of firms that can be automatically verified in real-time, resulting in better customer experience all around.
The technology still has a referral option to ensure the whole market is covered and allow LMS to cater for those searching much more niche or specialist law firms, including those referred by integrators. In these cases, LMS conducts an appropriate level of due diligence, including contacting the firm directly to provide the firm conducting the search with the assurance they need.
confirmly search results now include further information on recent updates, including bank account details, account name or number and sort code changes in the past six months, usually a sign of fraud risk.
These enhanced capabilities come at the perfect time as the market experiences rising financial crime rates and increasingly sophisticated method employed by fraudsters.
Travis Scholes, Commercial Director at LMS, said:
“confirmly is already trusted by many firms to provide an indispensable safety net when it comes to protecting themselves against fraud, but we recognise the need for even more data to be readily available.
“That is the only way to reduce the amount of manual checks needed and drive further efficiencies and acting on this feedback is crucial for customer experience.
“Our new features provide full transparency and protect firms from any suspicious activations while keeping the manual referral option for those more niche firms on whom it is difficult to access sufficient data.
“As financial crimes become more sophisticated, checking bank details is not an area to skimp on in the conveyancing process, but confirmly allows us to ensure checks are efficient without compromising on how thorough and reliable they are.
“At LMS, we keep our customers’ needs at heart and we continue expanding and perfecting our services to ensure their needs are addressed.”
Scott Bozinis, CEO at InfoTrack, adds:
“Since launching with confirmly over a year ago it’s been great to see our customers benefit from LMS’ innovative technology.
“We are pleased to provide all of our customers with access to confirmly’s new and improved features, providing them with extra security and mitigation against fraud.
We’re excited to continue to work with LMS both on confirmly and further integrations, delivering an enhanced service to our customers through collaboration.”
Kindly shared by LMS
Main article photo courtesy of Pixabay
