Lawtech

Open Banking provides Lawtech firms with real-time access to verified financial data, allowing for robust client onboarding and comprehensive identity verification.

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Challenges

Complex and time-consuming client onboarding processes, especially when verifying identities and financial information, leading to delays and higher administrative costs.
Managing payments and billing for legal services can be cumbersome, with risks of delayed payments, manual errors, and inconsistent fee collection.
Law firms often need to disburse funds to multiple parties, like settlements, expert fees, or court costs. Manual handling is time-consuming and error-prone.
Law firms need to ensure that all transactions are compliant with stringent financial regulations, but manual checks are time-consuming and prone to oversight.

Solutions

Law firms can verify client identities quickly and securely with real-time bank data and document verification, reducing onboarding times and boosting efficiency.
Instant Payment allows law firms to automate payment collection and streamline billing, reducing late payments and ensuring consistent cash flow.
Law firms can efficiently manage multiple payments in one go.
Automates regulatory checks during financial transactions, ensuring that every payment and financial interaction is fully compliant with current legal standards.

Finexer’s Products for Lawtech

Bulk Payout

Law firms often need to pay to multiple stakeholders. With Bulk Payout, these payments can be processed simultaneously in one transaction, saving time and reducing errors.

Instant PayByBank

Instant Payment allows law firms to securely accept Account-to-Account payments through Faster Payments rails directly from the client’s bank account.

Payout

Allows law firms to instantly disburse funds to clients, partners, or third parties, whether it's a settlement payment, client refunds, or fees to external experts.

Authenticate

Instantly and securely verify client identities during transactions, reducing fraud and safeguarding legal processes with real-time identity confirmation.

Verification

Streamline the client onboarding process with automated identity verification and financial checks, reducing manual work and ensuring compliance with legal requirements.

Benefits for Lawtech

Automated Client Onboarding

Streamline the client onboarding process with automated identity verification and financial checks, reducing manual work and ensuring compliance with legal requirements.

Compliance with Legal Standards

Open Banking uses strong customer authentication (SCA) and secure APIs to reduce the risk of fraud and chargebacks, enhancing transaction security.

Reduce Costs

Open banking enables seamless and secure financial transactions, such as client payments and fee collections, with up to 90% cost savings, reducing overheads dramatically.

Streamlined Payments

Facilitates faster, more efficient payment processing, reducing the time and effort needed to manage billing and collections in the utility sector, ensuring timely payments and improving cash flow.

Integration with Existing Systems

Easy integration with existing lawtech management systems. Reducing the complexity of adding new financial data streams, making the adoption of open banking technologies seamless and efficient.

Improved Data Security

Enhances data security by utilising secure APIs and encryption, protecting sensitive client financial information and reducing the risk of data breaches.

Compliance with PSD2 enhancing payment security 99% of UK bank’s coverage.

Rapid Deployment & Embaded solution.

Comprehensive white labelled solution.

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