What is a Banking Information check?
Within Amiqus, we tend to refer to our Banking Information check as the Source of Funds check as it uses Financial Conduct Authority (FCA) regulated open banking technology to enable you to securely verify source of funds in a matter of minutes by returning balances, transactions, payees, income and affordability data that can be digitally filtered to instantly highlight the key information that you need.
The Benefits of our Source of Funds (Banking Information) check
- Manage time efficiently as you don’t have to waste time chasing bank statements, manually uploading them or searching for transactions. You can save time verifying the source of funds by digitally filtering by type of transaction, amount or search using specific keywords to analyse where the funds come from instantly.
- Use FCA-regulated open banking technology to obtain client’s banking information, keeping your client's data as safe as possible.
- Create a faster and more convenient process for you and your clients by using open banking technology.
- Mitigate risk of fraud by verifying account details such as account numbers, sort codes and owner name directly from the bank.
- Approved by the regulatory bodies. We are the Law Society of Scotland’s approved partner for AML (anti-money laundering). We build and refine our product in consultation with them, ensuring it meets the latest regulation and the needs of their members.
- Provide your clients with an excellent remote experience.
What is Open Banking?
Open Banking is a term used to describe a set of technologies and standards, which allows people to safely share their account information, for example through apps and websites.
How Open Banking technology benefits our Source of Funds (Banking Information) check
The most common concern you and your clients may have is if open banking is secure. Open Banking actually provides more security than other methods of sharing financial information, such as screenshots of bank statements. This is because it’s regulated by the Financial Conduct Authority and therefore has to meet the same rigorous standards of banks and other financial institutions.
Since obtaining banking information by using open banking is easier and more secure for both you and your client, this is a much better alternative to -
- Chasing clients for bank statements
- Dealing with poorly cropped screenshots
- Finding out at a later stage that your client has not provided complete information
3. Client reassurance
Your client who has shared their information with you is in control of what data they share and can revoke it at any time. They also don’t have to worry about their banking login credentials, as they are never shared with Amiqus or any other third party.
4. Suitable for all clients
Open banking is currently being adopted by the industry with more and more banking providers joining each day. Amiqus has a built-in fallback option if open banking is not available for a client's account, or if they are simply unwilling to use open banking, where they are automatically asked to upload their bank statements securely instead. This allows you to -
- Gain the information you need in a secure way
- Reduce any extra admin while keeping everything in one place for reviewing
What clients are saying about our Banking Information check
Our client, FDL (Fords Daly Legal) is a fast growing solicitors and estate agency.
- Using Amiqus’ banking information check, FDL have reduced the time it takes to complete their source of funds and source of wealth checks from days to minutes.
- FDL’s clients can now submit all their banking information in less than 3 minutes.
- It took FDL less than 24 hours to get set up with and start using the check.
- During a two-month trial of Amiqus banking information, FDL clients completed 99% of checks successfully.
This is what Lauren Daly, a Director at FDL, has to say about the firm’s experience of using our banking Information check -
“It was one of our directors, who did the very first banking information check via the Amiqus platform. It was a company purchase, so the transaction was a little bit more complex, as the money was coming from both business and personal sources. My colleague couldn’t believe he was able to get all the initial checks completed the same day.”
“Banking information has allowed us to work with clients quicker; identify what we need and request things sooner. We can identify where we think the wealth has come from and request X, Y and Z from the client to allow the purchase to go ahead more quickly and smoothly.”
“I’ve certainly had positive feedback from clients. Quite a lot of my clients have said that they already use open banking technology because it’s easier for them as well as for us and more secure than the alternatives.”
“I can’t express what it’s like to have the ability to be able to do what we’re doing through Amiqus and know that, by doing so, we’re staying compliant. It has helped us to sleep at night because we’re no longer worrying about whether a client has returned their documentation or not.”
“Thinking back to the way that we did it before just seems archaic now. We’re going digital with everything and I think, if you’re not doing this now then you’re going to fall behind as a legal business because things are changing all the time.”
Want to find out more about how our Banking Information check can help your business reduce its administrative burden, stay compliant and provide the best service to your clients? Get in touch with our support team at firstname.lastname@example.org today!
Additionally, you can also contact Craig Wilson, Client Relationship Manager at Amiqus, on email@example.com to discuss Source of Funds (Banking Information) check for your business or any other needs you may have.