Pioneering prop tech and legal tech startup, Thirdfort, has launched a ‘Source of Funds’ product for the real estate sector. Interestingly, they will be making use of video to record clients to help verify their identity.
The application also uses bank linking technology to streamline administration, while improving reliability in knowing where clients’ money comes from, said the company. It’s an important step for the startup which is seeking to massively speed up the way that property transactions take place and improve the security of doing so at the same time.
Thirdfort, which is FCA regulated (the UK’s financial watchdog), has several capabilities, but one of the fundamental aspects is that it aims to handle client monies for a property transaction, rather than have £100,000s sitting in a law firm’s escrow account where fraudsters could gain access and where delays are often created. It also is designed as a platform that buyers, sellers, property lawyers and other parties jump onto and work within to conduct a transaction.
However, when it comes to moving such large sums of money around ID checks and secure transfers are vital. It’s in this part of the platform that the new capability will be utilised.
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