Chadwick Lawrence and Source of Funds specialist Armalytix forge collaboration
‘We want our consumers to have the best experiences with us and Armalytix helps us achieve that’
Armalytix is a leading provider of Source of Funds services. Chadwick Lawrence is a forward-thinking full-service law firm that invests heavily in its risk management. Together, they have formed a fruitful partnership that aims to simplify processes for clients while ensuring effectiveness for the firm.
This synergy between Armalytix and Chadwick Lawrence has proven to be a remarkable success story. Beginning in February 2022, both parties worked together over a number of months, and with a combined expertise and a desire to achieve what it takes to solve compliance issues, the result has been the creation of effective checks and processes along with a drastic improvement for their clients’ experience making both fee earner and client’s lives easier, more trusting and secure.
Source of Funds, delivered faster
Notably, 65% of Source of Funds checks were completed by clients within the first 48 hours, a significant achievement. A primary objective of the collaboration was to expedite the return of Source of Funds information by clients while instilling confidence and satisfaction in Chadwick Lawrence from a risk and compliance perspective.
To evaluate the viability of integrating Armalytix into the Chadwick Lawrence process, an initial pilot was conducted. The pilot involved the Conveyancing Team and aimed to assess the effectiveness of the data and analysis received from clients, as well as the acceptance and utilisation of the digital system. The pilot proved successful on both fronts, displaying promising signs of reducing the time required for checks to be completed.
Following the pilot’s success, Armalytix was implemented across all of Chadwick Lawrence’s offices. The teams underwent comprehensive training, facilitating a smooth transition. Since then, Chadwick Lawrence’s clients have successfully completed over 1000 Source of Funds checks, with an average completion time of 3.44 days, with 65% completed within the first 48 hours.
Thanks to this collaboration, Chadwick Lawrence now delivers enhanced customer service, providing clients with precise information on the required and acceptable data and evidence. This has resulted in a reduction in emails and calls received, as well as the establishment of an easily accessible, simplified file review process with comprehensive data reports and attached evidence.
Making it happen – the move from manual to digital
Chadwick Lawrence experienced first-hand how Armalytix facilitates quick, safe, and secure sharing of financial data by clients. Traditional manual processes for Source of Funds checks were known to be cumbersome, time-consuming, and reliant on clients, often hindered by unreliable post, insecure emails, and potential misinformation that frustrated the process.
Speaking about their experience, Operational Project Manager Amanda Ambler said:
‘Chadwick Lawrence is always looking for ways to improve the consumer journey. Armalytix gives the consumer the opportunity to complete compliance requirements at a click of a button and this innovation allows us to deliver a clearer service as well as adding another layer of protection for both consumers and for us as a business. What particularly helped was that we were able to advise Armalytix on what our specific compliance requirements were in order to fulfil our regulatory requirements. We want our consumers to have the best experiences with us and Armalytix helps us achieve that.’
Armalytix employs FCA-regulated framework and secure Open Banking technology, ensuring the timely delivery of essential client information. Open Banking is instrumental in compliance requirements, but it is also crucial to provide explanations and evidence that demonstrate the origin of funds.
Agile collaboration has remained central to the partnership between Chadwick Lawrence and Armalytix from the outset. Both sides have contributed suggestions to enhance technology and processes. Chadwick Lawrence also took part in beta testing of the new Armalytix Income and Risk Insight features.
Tom Lyes, Head of Legal & Property at Armalytix, said:
‘Chadwick Lawrence are a forward-thinking early adopter of innovative processes and checks, which helps keep them ahead in the conveyancing space. Their strong leadership and commitment to overhauling their processes end to end, combined with a proper 2-way collaboration has led to meaningful and effective results for the firm and its clients.’
Year upon year, clients want swifter transactions, better service and greater security. Innovative and smart technology like Armalytix is the way forward. Chadwick Lawrence is now looking at rolling this out across their commercial team, demonstrating how innovation in conveyancing can have an impact across all activities of a legal firm.
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Armalytix enables law firms to create great client experiences with a simple, digital journey integrated effortlessly into your existing workflows.
Book a demo to see Armalytix in more detail. We’ll also run through how can use the reports as part of your risk-based approach to identifying, assessing, understanding, and mitigating money laundering threats.