"We have identified from our systems that there is nearly a 5% mismatch rate when law firms are checking their data before transferring funds."
Confirmly provides real-time monitoring for law firms by harnessing LMS Panel Link and specialist data to verify bank account details. Confirmly also has access to eCOT expertise, as well as gathering information from trusted third party sources to help reduce the risks associated with money transfers.
Law firms can therefore be confident that transactions are being sent to genuine bank accounts and firms, so much so that LMS will provide law firms with an indemnity against the results.
The new service is launching exclusively with InfoTrack via API, and will soon be available directly and via other integrators.
Scott Bozinis, CEO at InfoTrack, said: “We are excited to be the first integrated partner to offer LMS’ confirmly through our platform. Both InfoTrack and LMS are committed to collaborative innovation and confirmly is an exciting addition to our award-winning solutions.
"The benefits of confirmly being indemnified as well as being simple and easy to access make this a great tool in the fight against fraud and reducing transactional risk.”
Travis Scholes, commercial director at LMS, commented: “At LMS we are dedicated to making the mortgage market a more secure and reliable place to do business. 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.
"We are really excited about Confirmly’s integration with InfoTrack. Collaboration is at the heart of our strategy and we want to ensure that all of our services are as accessible as possible to the sector.”
