Verification of Identity and Funds (VOI) & (VOF)

A powerful suite of bank-grade digital verification tools to authenticate your clients, including ID, document verification, and source of funds.

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Built into our eCOS onboarding workspace, there’s no need for you or your clients to download and access separate applications.

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VOI and VOF are Know Your Client and GDPR compliant, using the latest global AI and biometric identification technology.

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Clients can connect to multiple banks with six months real-time data, saved back to your case, with verification updates available at any time.

Client identity verification is a crucial piece of the due diligence process for law firms. With the need to validate ID, documents, and source of funds, the process has typically relied on physical documents and in-person meetings which can delay the client onboarding process and transaction times.

Carrying out your due diligence and Know Your Client checks shouldn’t be a burden on your firm. We believe there’s a better way and it’s digital. Our Verification of Identity (VOI) and Verification of Funds (VOF) solution provides a powerful suite of technology that delivers bank-grade client ID verification.

How does VOI work?

Using biometric technology powered by Jumio, your clients can verify their identity from anywhere in the world. All that is required is a valid form of ID and a suitable device. Each verification checks the ID to determine whether it is genuine or fraudulent and covers over 3,500 document types in more than 200 countries. The results of our checks are trusted by brands including Metro Bank, HSBC, Monzo, Barclays, TSB, Nationwide and more.

How does VOF work?

Verification of Funds is a digital tool that captures real-time data from your client’s bank accounts to verify the source of funds. Seamless and mobile-optimised, VOF empowers your clients to access their bank accounts within their secure eCOS (electronic client onboarding solution) workspace, sending data capture back to your case without the use of email or uploaded PDFs. Fully encrypted with access to the largest bank and neobanks in Europe, InfoTrack is an FCA accredited Agent of Truelayer.

Benefits of using VOI and VOF

Our Verification of Identity and Funds solutions strengthens your compliance process by:

  • Fulfilling your compliance obligations with improved practices and data sources
  • Protecting your client by using ID verification technology that helps in preventing fraudulent and criminal activity
  • Providing real-time bank account and transactional real-time data
  • Enabling dynamic pre-transfer of funds account validations
  • Reducing the risk of errors that leads to insurance claims
  • Increasing convenience and value for your clients, whatever legal service you provide
  • Reducing risk for all parties in any transaction including lenders, clients and agents
  • Supporting a paperless client onboarding solution

VOI and VOF are available as part of eCOS, your electronic client onboarding solution, or as an independent solution.

Take confidence in verifying the identity of your clients and their funds. Request a demo today to see how VOI and VOF can enhance your firm’s compliance.

 

Discover more about how InfoTrack can enhance your compliance.

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