By PAUL O’DONOGHUE, Senior Correspondent
SMARTSEARCH has launched a Source of Funds (SoF) system with fintech firm Armalytix to help financial instiutions verify the origin of client money.
The system uses open banking technology to replace manual document checks with automated verification. SmartSearch said the property market, where checking source of funds is a key part of every deal, has widely adopted the system, .
The firm said the system is “already trusted in one in five UK residential property purchases”. It added that the Financial Conduct Authority (FCA), the UK’s financial crime watchdog, regulates the technology.
Richard McCall, CEO at Armalytix, said: “The residential property sector deserves a faster, more trustworthy compliance process..
“Our platform delivers verified, source-validated data instantly. Partnering with SmartSearch means this capability is now integrated into a comprehensive due diligence product. [This] sets a new standard for speed and anti-fraud protection in UK property transactions.”
SmartSearch said there is also high demand for the system from financial instiutions.
Phil Cotter, CEO at SmartSearch, said the s partnership with Armalytix “marks a significant step forward in simplifying compliance for our key markets”.
“The SoF solution provides businesses with an unparalleled level of regulatory confidence and efficiency,” he said. “[t] allows them to focus on their core business without compromising on security.”
The company addded: “Unlike fragmented systems or standalone tools, SmartSearch offers everything in one place. [This] helps to eliminate complexity, reduce operational risk, and accelerate transactions.”
Based in Ilkley, West Yorkshire, SmartSearch provides digital AML and compliance services. About 7,000 firms and 60,000 users in the UK and abroad use its services.
The company has recently expanded quickly. At the start of October, it acquired Credas Technologies, an ID verification provider.
A week later, it integrated its technology with Clio’s legal practice management platform
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