Overview

Driven by the desire to help firms with their biggest challenges

As always at Accesspoint, we are driven by the desire to help firms to deal with their biggest challenges, and we covered a lot of this at our 2024 Innovators Forum. We are however constantly being asked by firms about if and when they should change their legacy PCMS. Anything that’s client server based in my opinion is a legacy system. These systems are on the way out, whether the suppliers choose to issue end of life notices or not. The writing is on the wall, as the world moves to cloud-based solutions and services, for the myriad of reasons that are too long to cover in one blog post.

If and when should you change your legacy PCMS?

My opinion is that firms should start to plan for that move away, if they have not done so already. Now, that could be within a few months, it could be within 2 years or even 5 years. But it is an eventuality now and each firm needs to consider their individual circumstances (which is different for all firms) and start to plan appropriately.

What we see from firms moving from one PCMS to another

Through our data migrations team, we get to see the various movements of firms moving from one PCMS system to another; so we can see the trends in real life and get to see how the suppliers are reacting to these movements.

The legal PCMS market is in a state of flux and constant consolidation

This unfortunately means uncertainty for many firms on certain systems. We have recently seen some PCMS suppliers holding a firm’s data to ransom effectively, charging considerable sums of money to access their own data. We have also seen firms coming to the end of their contracts being presented with huge annual increases, and left with only weeks to find a new system and migrate their data, consequently having no choice but to accept.

Plan and move on your own terms

I’m not for one moment suggesting that any other PCMS providers out there are going to do what I’ve mentioned above, but my advice is to plan and move on your own terms. Keep updated on the current market; look at market–leading cloud based systems like Actionstep and NetDocuments at your own leisure, rather than if forced to and at haste. Get a feel for what you would move to and why. There are some firms that review their PCMS every 2-3 years as a matter of routine. Consider being one of them.

So, what is Accesspoint’s position with this backdrop of uncertainty?

We promise our clients to:

• Support firms on their current systems as some of the suppliers effectively wind down.
• Continue to innovate and provide practical solutions to plug the gap such as our Mozaique, and bespoke, software solutions and various integrations with innovative 3^rd party software. You can’t stand still as a business, just because you are planning to change your PCMS. The firm still needs to compete effectively in their market and provide clients with the best experience in the interim.
• Stay ahead of the market in terms of assessing and working with the best legal tech solutions in order to guide firms when they are ready to make that move.
• Help firms to determine the right path for them, whether that is moving to a new PCMS  system now or taking a staged approach such as moving certain components like their document store to a Dedicated Document Management System like NetDocuments or implementing Specialist Solutions like Ochresoft’s Intelliworks Workflows, first.
• Gear up our implementation services to be ready for firms as and when the time is right for them to move to a new PCMS. We are in a great position to help with these implementations as we have great knowledge of both the outgoing and incoming systems and with many of our clients, also an understanding of the firm itself and the different teams within the firms.
• Continue to develop our agnostic solutions such as Mozaique so that they can integrate with the firm’s future tech stack. So, for firms that have already implemented Mozaique, we would look to integrate that with their next PCMS systems and indeed a Mozaique integration with Actionstep is due for release in early 2025.

Our relationship with clients is more important than just pushing products and services

I like to think that at Accesspoint, we place more importance in the relationships with clients than just about pushing products and services. We have a genuine desire to support and guide our clients through the myriad of legal tech solutions and to give them and their users the right solutions that can genuinely make a difference to theirs and their firm’s success.

I believe that if you can get that right, then the commercial success will always naturally flow from there. It also makes working with clients and on projects a bit more enjoyable and as you all know, at Accesspoint, we do like to have a bit of fun along the way!

How to select your next PCMS

An e-booklet by Richard Higgs.

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Overview

UK-based Verify 365, has emerged as a strong leader in providing advanced technology solutions for achieving complete AML compliance in law firms. Verify 365 markedly stands out in the realm of digital identity verification and source of funds checks, presenting a level of sophistication that significantly outpaces other technology platforms in the market.

Verify 365, with its proprietary DynamicID® technology, showcases a commendable stride in melding innovation with security, providing a robust, UK-developed identity biometrics solution specifically developed for the legal sector.

The Verify 365 platform exemplifies the pinnacle of advancements in digital client onboarding and identity verification, setting a high benchmark with cutting-edge technologies that seamlessly integrate into legal and financial workflows, thereby redefining the standards of AML compliance and due diligence for solicitors in the digital age.

Verify 365 Review: A Comprehensive AML Compliance Solution

Verify 365 has positioned itself as a next-generation AML compliance platform with a host of features tailored for law firms. It offers a comprehensive suite of global person and business verification solutions, along with no-code workflow building and integrations. Among its standout features are eSignatures and ePayments, which enable seamless and secure transactions and document signings online, all housed within a single platform.

Additionally, Verify 365 provides unique offerings like SecureSend®, MyID® Digital Identity, and a complete legal e-Forms library, which contains over 4000 digital forms. This library is delivered in partnership with FormEvo, to facilitate the various needs of legal firms. The platform also includes the most advanced Open Banking technology in its AML suite, which ensures unwavering compliance and aids in demystifying global AML regulations.

DynamicID® – the cutting-edge ID Biometrics innovation elevating Verify 365 above competitors

The ownership and development of DynamicID® biometrics software by Verify 365 underscores a significant advantage over other AML providers, who license their technology from third parties. DynamicID®, being a UK-developed technology, denotes a high level of control, stability, and security, pivotal for ID verification processes. This in-house development is indicative of a robust and self-reliant system, contrasting with  other providers’ dependency on third-party external technologies. The advanced features of DynamicID®, including machine learning and biometric technology, fortify Verify 365’s platform, making it a more secure, efficient, and reliable choice for identity verification compared to others.

Other platforms lack the integrated eSignatures and ePayments features that Verify 365 offers, which are critical for streamlined operations and enhanced client experiences in today’s digital-first environment.

It is apparent that Verify 365 holds a superior position in this domain, especially because of its features such as eSignatures and ePay, which are not offered by some providers.

What are the Key Features offered by Verify 365?

Below is a summary of the key risk and compliance technologies offered by Verify 365:

ID Verification (KYC)

• Verify 365 provides fully automated digital checks for verifying a client’s source of funds using the most advanced open banking technology, aiding in compliance with AML regulations.
• Offers a unique source of funds analytics dashboard for real-time monitoring and reporting and provides a summary of “transactions of concern” for enhanced security.

Company Checks and UBO Verifications (KYB):

• Verify 365 offers a comprehensive KYB and UBO verification service for purchasing reports on over 500 million companies world-wide based on specific requirements, aiding in informed due diligence.
• Provides global coverage, comprehensive datasets, real-time screenings, and a cloud-based dashboard for accessing live company data.

Digital ePayments (ePay)

• Verify 365 provides a secure digital payments solution (ePay) within a single client onboarding workflow, reducing risks associated with traditional payment methods.
• Offers real-time e-payment transaction monitoring and provides automated reconciliation and reporting features.

Document eSignatures (eSign)

• Verify 365 provides a platform for electronic signatures (eSign 365), enabling legal documents to be signed quickly on any device.
• Offers features like mobile-friendly signing, signer identity verification, and integration with legal case management systems.

Advanced Open Banking Technology (Open Banking):

• Verify 365 enables the use of digital bank statements using Open Banking technology for identifying risks and preventing fraud during client onboarding.
• Provides real-time analytics of client’s financials, transaction analytics, and instant bank statement risk assessments, promoting an efficient workflow.

Conveyancing Searches

• Verify 365 provides bespoke search bundles for property searches for conveyancers in the UK, delivered in partnership with IndexPI.
• Offers residential and commercial property searches, HM Land Registry searches, and local searches, with an easy online ordering system.

Legal Forms Submission

• Verify 365 provides access to over 4,000 legal forms with a cloud-based platform delivered in partnership with FormEvo for electronic submissions, aiming to reduce paperwork and errors.
• Provides features like automatic field population, digital submissions, and integrated solutions for managing legal documentation and compliance.

Practice and Case Management Integrations

• Direct integration with most Practice and Case Management systems (PCMS) for a streamlined approach.
• Trigger multi-level verification checks directly from your PCMS.
• Completed verification documents are stored directly into your PCMS, alongside automatically populating the AML module and notifying fee-earners of the checks.

Verify 365 are a software development company with a suite of UK-developed, proprietary technology solutions, utilising the most advanced AI and machine learning technologies, which streamline legal operations significantly.

While other platforms have their merits, the choice between them would depend on the specific needs and priorities of a law firm, especially concerning AML compliance requirements.

Verify 365’s extensive range of KYC and KYB solutions positions it as a more comprehensive platform for AML compliance, catering to a broader spectrum of needs within the legal and financial sectors compared to other solutions. Verify 365 solutions in digital e-payments, conveyancing searches, legal forms, and document e-signatures extend its utility beyond what other platforms are able to provide, making it a more complete AML platform.

What about AI? Verify 365 now offer next-gen AI AML-tech for Law Firms

Last week, Verify 365 unveiled a novel AI-driven AML and ID verification solution, which employs machine learning to assist clients in the legal sector meet regulations necessitating the identity checking, sanctions screening, source of funds checking, and reporting of potential suspicious actions.

The new AML-engine, named “DynamicAI”, has already garnered attention from notable users, including several large, London-based law firms. This new AI-driven anti-money-laundering technology platform “sidesteps” the traditional rules-based programming characteristic of similar products.

It is clear that Verify 365 are aiming to differentiate themselves as the leading provider of anti-money laundering technology solutions by using AI and minimising human intervention in the process of screening for fraud, identity theft and money-laundering risks.

Verify 365’s distinctive approach is its departure from the rules-based programming typically crucial in setting up and overseeing an anti-money-laundering system.

This technology comes in the wake of major U.S. tech companies showcasing their AI prowess, influenced by the success of generative AI apps like ChatGPT and a corporate rush to incorporate such advancements across various sectors.

So how does it work in practice? Traditionally, most law firms are utilising basic technologies to sift through the numerous transactions and matters they manage daily. This procedure usually begins with a set of human determinations, followed by selecting the required checks, allowing law firms to pinpoint and scrutinise clients and fraudulent transactions that may need regulatory attention. By eliminating rules-based directives, Verify 365 are betting on AI’s potential to address this longstanding challenge in the AML domain.

Conclusion

It is evident that Verify 365 offers a robust solution for law firms. The integrated eSignatures and ePayments features of Verify 365, alongside its comprehensive suite of UK-developed verification solutions and open banking integrations, render it a superior platform for AML compliance.

The seamless and secure client journey experiences provided by Verify 365 places it a notch above  the competition, making it the preferable choice for law firms in ensuring AML compliance and delivering exceptional client services.

Why switch to Verify 365:

1. Verify 365 offers advanced biometric and NFC identity verifications, ensuring that your clients are who they say they are.
2. Verify 365 conducts thorough ID checks, including government-issued ID and address verification.
3. AML checks ensure that your clients are not on any financial crime watchlists.
4. They also perform automated source of funds checks to ensure that the money your clients are using is legitimate.
5. Verify 365 platform also includes e-payment and e-signature technology, making the client onboarding process fast and efficient.

In the competitive landscape of legal compliance platforms, Verify 365 clearly leads the pack, especially in facilitating a more streamlined, secure, and comprehensive approach towards AML compliance for law firms.

Overview

The legal profession, like many others, is witnessing a technological revolution.

As law firms strive to enhance their productivity, streamline operations, and make data-driven decisions, they are turning to innovative solutions. Microsoft has become a major player in this space and most law firms centre their technology stack around the Microsoft ecosystem, with the use of Outlook, Office and Teams. 

Firms can now further leverage this functionality by utilising the Microsoft Power Platform: Power Apps, Power Pages, Power Automate, Power BI, Power Virtual Agents, Dataverse and AI Builder.

What if we said you can achieve all the above in a cost-effective manner and without the burden of huge development costs and extensive lead times? 

These powerful tools are available to every firm, but many firms are still not up to speed in adopting them; missing a huge suite of benefits. They’re not only user-friendly tools but also customisable to suit the unique needs of law firms. In this article, we explore how these applications can revolutionise legal practices and empower law firms to stay competitive in the digital age. 

Streamlining Case Management with Microsoft Power Apps 

Microsoft Power Apps is a low-code platform that allows users to create custom web-applications without extensive coding knowledge. Law firms can leverage Power Apps to streamline their case management processes, resulting in increased efficiency and reduced manual work.

Formerly known as Microsoft Flow, Power Automate facilitates workflow automation and integrates with various Microsoft and third-party applications. For law firms, Power Automate can significantly increase efficiency by automating repetitive tasks and simplifying communication.

Data Visualisation and Insights with Microsoft Power BI 

Power BI is a powerful business intelligence tool that transforms raw data into visually compelling and actionable insights. For law firms, it can be a game-changer in terms of data-driven decision-making and understanding key performance metrics.

Conclusion 

Microsoft Power Platform provides law firms with a powerful BI toolkit to revolutionise their operations and improve overall efficiency. By streamlining case management, automating tasks, and gaining valuable insights from data visualisation, these tools empower law firms to deliver superior client experiences, optimise resource allocation, and stay ahead of the competition. Embracing these innovative technologies is no longer an option but a necessity for law firms aiming to thrive in the digital age.