When asked by The Times to nominate his choice for the best startup technology for 2019, Alex Chesterman, founder of Zoopla, picked Thirdfort.
What is Thirdfort?
Thirdfort is an app that lets conveyancers check a client’s identification and source of funds within minutes. What it does is combine the ID scanning technology to verify a client's identity with open banking to prove that the money is from a legitimate source, the app is popular among leading conveyancers in the UK.
According to Chesterman, the new conveyancing app is an “example of a business solving a real problem.” The Zoopla founder further states that, “The process of buying or selling a home hasn’t changed for decades and carries increases risks for lawyers around compliance and for consumers around fraud. Thirdfort tackles this with a mobile app, empowering lawyers to carry out checks with no need for physical documents.”
He also adds that, “With a photo of the required documents and a selfie, Thirdfort carries out identity and anti-money laundering checks.”
What people say?
Reviews from users also have nothing but positive remarks on the app’s efficiency, simplicity, excellence in service and being easy to use:
"Thirdfort saves us a huge amount of time undertaking ID checks and our clients (of all ages) love using a simple, intuitive app."
"Combining the cutting-edge AI and Open Banking built into this product has improved our client experience and begun to address the real risks that face every law firm."
Why the need for new technology?
Conveyancing is one of the areas where there is a high risk of money laundering because of the large amounts of money involved in a single transaction. As such, regulators have required a better way to thwart money laundering, but asking to see a valid ID and 6 months of bank statements proved to be inefficient and time consuming.
Technology have cut these checks short and provided a more efficiency and effectiveness by utilizing a faster or simpler process to manage the risks.
Sources:
https://www.estateagenttoday.co.uk/breaking-news/2019/12/new-easy-moving-conveyancing-app-wins-praise-from-zoopla-founder
https://insideconveyancing.co.uk/legal-talk/thirdfort-the-rise-in-property-fraud-and-how-to-tackle-it/
