LMS – a provider of outsourced property services, including conveyancing, remortgage, and IT services – said it had identified, based on data from November 2020 to November 2021, a nearly five per cent mismatch rate when law firms checked details before transferring sums of money.
Confirmly, designed for use by law firms, would provide real-time monitoring using LMS Panel Link and specialist data to verify bank account details, LMS added.
Confirmly would also make use of LMS’ eCOT expertise on title certificates and data from trusted third-party sources to lessen the risks of incorrect money transfers.
LMS said it would indemnify the results. Travis Scholes, commercial director at LMS, said: “The fact that we are providing an indemnity demonstrates our confidence in our product and serves as an extra level of security for our law firm users.”
The new service was starting with InfoTrack via API, and the plan was to roll it out through other integrators and direct via www.confirmly.co.uk.
Conveyancing software firm InfoTrack said it was excited to be the first integrated partner to offer Confirmly through its platform.
Scott Bozinis, InfoTrack’s chief executive, said: “The benefits of Confirmly being indemnified as well as being simple and easy to access make this a great tool in the fight against fraud and reducing transactional risk.”
On the integration with InfoTrack, Scholes added: “Collaboration is at the heart of our strategy and we want to ensure that all of our services are as accessible as possible to the sector.”
