Armalytix has launched configurable Source of Funds reports designed to reduce the repeated collection of buyers’ financial information during property transactions.
The financial intelligence firm says buyers can currently be asked for similar information by estate agents, mortgage brokers, lenders and conveyancers during a single purchase.
Its new system allows financial data to be collected once through open banking or other methods and used to produce different reports tailored to the requirements of each organisation involved.
It means a conveyancer could receive a detailed Source of Funds assessment while a lender or other party receives different information from the same underlying data collection process.
DIFFERENT AML REQUIREMENTS
Armalytix says the approach is intended to address a problem created because different participants in a property transaction have their own risk appetites, regulatory responsibilities and evidential requirements.
Rather than requiring firms to adopt a standard report, users can configure the structure, information included and questionnaires used to match their existing review processes.
Reports can incorporate information from multiple bank accounts and up to two years of transaction data, as well as separate journeys for third parties including gifted-deposit providers and co-buyers.
The system can collect bank information through open banking, scanned statements or CSV uploads.
CUTTING DUPLICATION
Alex Mangan, Head of Sales at Armalytix, says: “Source of funds is not one size fits all, with different firms having different risk appetites.
“Reports currently available to firms take a standardised approach which, apart from often missing key information altogether, can leave teams wading through information that is not relevant.”
Armalytix says firms using its Source of Funds technology typically save between one and two hours per transaction on the review process.
Mangan adds: “With this redesign, we’re ensuring our reports work in harmony with the realities and future direction of modern property transactions, giving firms more control and ultimately enabling faster and better risk decisions.”
The company argues that allowing different reports to be generated from the same underlying financial information could also reduce the number of times buyers are required to provide similar data during a transaction.
