We are proud to have partnered with Armalytix, offering their Source of Funds technology to our clients through our trusted Intelligent Conveyancing Online System (ICOS). The open banking platform streamlines the collection of data for the professional and financial service industries, and through partnering with X-Press is extending their technology to the legal sector.
Now included on ICOS, Armalytix’s Source of Funds technology will be available for purchase by more than 500 legal practices in England and Wales. The partnership offers a new way to order Source of Funds through ICOS, with the additional feature of a new refresh.
The new offering is timely following updates to the Conveyancing Quality Scheme which state that, from 1 May 2022, firms must have procedures in place which enable them to identify the source of funds of a transaction and provide relevant documentation.
Within the conveyancing sector, having a thorough understanding of the source of a client’s funds is a crucial part of complete due diligence and anti-money laundering practices.
Our clients have always had access to a Source of Funds checker through ICOS, but Armalytix offers a refresh service, providing access to regularly updated data at all points of the transaction, and to monitor for any changes.
Lynne Lister, Managing Director at X-Press, stated: “We’re delighted to be partnering with Armalytix as the new provider of Source of Funds technology on our ICOS platform. It is essential that law firms have a grasp of compliance services to help counter money laundering and fraud. Armalytix’s solution will be invaluable in empowering conveyancers to feel confident that they have the full picture when it comes to Source of Funds.”
Tom Lyes, Head of Legal and Property at Armalytix, added, “Partnering with X-Press to carry our Source of Funds technology is an important next step for us as we look to expand to a wider pool of legal and conveyancing clients. As part of X-Press’s ICOS, law firms can now order Source of Funds analysis with the click of a button. With the legal industry constantly burdened by paperwork, this partnership is a crucial to supporting law firms in shifting towards a form free future.”
Armalytix went live on ICOS in March 2022.