Thirdfort Case Study
- AuthorJCP Solicitors
As one of Wales’ largest law firms, receiving 50-60 new conveyancing instructions a week, JCP Solicitors found themselves needing an eIDV solution that would streamline the onboarding process while keeping compliance top-of-mind.
Waiting on certified copies of ID documents could delay progress being made on files, leading to frustration for both client and lawyer. Without an automated solution, the source of funds process was inefficient, relying on manually collecting bank statements. The right eIDV solution would be rolled out firm-wide, across multiple offices, to ensure a united approach to risk.
After initially trialing Thirdfort in the conveyancing team, JCP implemented the system as an additional option for ID across the business. Thirdfort’s automated ID solution allowed for the lengthy, time-consuming admin work associated with client ID to be completed within minutes by the client, using the Thirdfort app. With clients able to complete the relevant ID and Source of Funds checks from the comfort of their own home and share this with JCP instantly, time was freed up to focus on the progression of the matter. What’s more, Thirdfort’s ID solution, with Facial Recognition and biometric scanning, allowed priority of compliance without sacrificing efficiency.
Since implementing Thirdfort, JCP has seen a marked reduction in the number of files where ID poses issues or is difficult to gather, making for a more frictionless experience for both client and lawyer, as well as improving the compliance procedure.
In addition to the ease of the process there have been significant time-savings, noting that “before Thirdfort, it could take anywhere from two weeks to two months to gather ID from some clients”, whereas now, client ID can be obtained as quickly as one working day.
JCP’s source of funds process has been transformed in terms of efficiency, with their Head of Compliance explaining that Thirdfort’s “Source of Funds report and open banking helps to quickly gather and interpret information about our clients and to spot anything suspicious or requiring more attention.”