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LONDON, MARCH 2023 – Armalytix, the data intelligence firm that allows clients to safely share Open Banking and other data to deliver financial insights to legal firms, helping them conduct faster and more effective Source of Funds and Wealth checks is partnering with Elan, to offer its Source of Funds (SoF) technology for the legal sector.
Armalytix’s technology is deeply integrated into the cloud-based Elan ordering platform. The partnership offers a new way for legal firms and search companies to order SoF analysis through Elan’s slick and easy to use Platform.
With the SRA confirming in their latest Risk Outlook that ‘failure to carry out a source of funds check’ is one of the three main and significant reasons for AML reports, this area remains a vital focus for regulators.
Understanding the client’s financial position, how money has been accrued and the ability to identify risk sooner are three key requirements for firms undertaking SoF checks. There are many solutions that would have you think that using Open Banking to tackle SoF is the sole solution to the problem. If only it was that easy.
Crucial to the Elan integration is a check that combines upfront fact finds and the Legal Eye endorsed SoF questionnaire with accurate transaction data. These features will enable firms to make smarter, faster and more accurate risk-based decisions. Critically, they will also help show regulators and insurers how risk is being managed on a case-by-case basis.
Tom Lyes, Head of Legal and Property at Armalytix, said:
‘Elan is a great partner for us, embracing the latest technology to drive its customer-first approach to the market. Our fast and effective checks fit squarely within that approach and allow Elan’s clients to complete full Source of Funds reports simply, in just a few clicks. ‘
Adele Sagar, Co-Founder and Director of Elan, added:
‘A few clicks is right. Minutes to order a powerful Source of Funds check, potentially saving hours of work. Fully integrated into our technology and powered by the expertise of Armalytix, all supported by client training too. It’s a great solution.’