LMS, a provider of conveyancing services, has launched confirmly, a law firm identity-checking technology designed to reduce risk and prevent scams when transferring funds and client monies.
Confirmly harnesses Panel Link – LMS’s specialized panel management service – and other specialist data to monitor law firms in real time and verify bank account details. It has access to electronic certificate of title (e-COT) expertise and information from trusted third party sources to further reduce money transfer-associated risks and ensure that transaction funds are being sent to genuine bank accounts and firms.
Confirmly aims to provide law firms with greater peace of mind in their transactions – so much so that LMS will be providing law firms with indemnity against the results.
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“At LMS we are dedicated to making the mortgage market a more secure and reliable place to do business,” said Travis Scholes, commercial director at LMS. “We have identified from our systems that there is nearly a 5% mismatch rate when law firms are checking their data before transferring funds.
“The fact that we are providing an indemnity demonstrates our confidence in our product and serves as an extra level of security for our law firm users,” Scholes added.
The new service is launching exclusively with InfoTrack via API and will soon be available via other integrators and via www.confirmly.co.uk.