Armalytix, an award-winning fintech firm, has joined forces with Birchall Blackburn Law, a leading conveyancing law firm, to revolutionize financial position verification for compliance and affordability.
Armalytix’s advanced platform addresses challenges in Source of Funds (SoF) verification, significantly reducing processing times from weeks to an average of 4 days, with 65% of reports returned within 48 hours. This collaboration marks a major advancement for legal firms burdened by manual financial checks, delivering efficiency and precision.
“Not only did we work together to meet our main objective to streamline and secure our SoF verification process, but the depth of our collaboration meant we also identified other daily challenges and came up with innovative solutions,” says Andrea Fairweather, Partner at Birchall Blackburn Law.
The partnership has delivered the following results:
- High client satisfaction, with 90% rating the platform 4 star or above
- Full staff adoption across Birchall Blackburn Law
- Minimal additional support, with fewer than 1 in 10 reports needing follow-up
- Measurable reduction in administrative workload
Paul Pickering, Head of Compliance at Birchall Blackburn Law, highlights the key benefits, “Having clients’ funds analysed and presented in a clear, comprehensive report allows our conveyancers to spend more time evaluating data and reduces the risk of overlooking important factors.”
Tailored training and a collaborative approach were crucial to the partnership’s success. By introducing Armalytix 101 – a bi-weekly training session – and working closely with different teams, the technology was smoothly integrated, addressing specific needs across the business.
The partnership goes beyond simply gathering basic financial information. Through regular Innovation Days, Armalytix continues to develop features like ‘Large Items Insights’, which helps identify and mitigate potential financial risks more effectively.
Tom Lyes, Head of Legal and Property Services at Armalytix, said, “We’re not just providing a tool, but a comprehensive solution that transforms how legal teams work with financial data. Our partnership with Birchall Blackburn Law demonstrates the powerful potential of technology to streamline complex financial processes.”