Decreasing risk and duplication at Thirdfort

Jack Bidgood and Olly Thornton-Berry - Thirdfort - image

Risk management platform, Thirdfort, has entered into a new partnership with Mint Insurance Brokers Ltd to help property professionals navigate growing fraud and money laundering risk.

The partnership enables Mint’s property professional clients to more easily access Thirdfort’s one-stop solution for comprehensive AML. Moreover, the collaboration means Mint’s clients can reduce the admin burden of searching for and vetting a digital ID and AML solution.

The company has also launched Secure Share, a new feature offering shareable reports to reduce the repetition of compliance checks in property transactions.

Currently, during a property transaction consumers can be asked to repeat the same Know Your Client (KYC) and AML checks – sometimes up to eight times. This needless repetition slows down property transactions and creates a poor experience for consumers. Even when reports are shared across those involved in the transactions, this is usually handled over email, which is insecure and runs the risk of interception by malicious parties.

In line with the principles of the government’s Digital Identities Trust Framework, this new function is the first of its kind to facilitate the secure sharing of KYC and AML reports, keeping all sensitive client information safe on Thirdfort’s platform.

Olly Thornton-Berry, Co-founder and Managing Director, Thirdfort said: “Conveyancers, estate agents, and mortgage brokers operate in a competitive market. With our new Secure Share function, property professionals can offer a superior experience by asking clients to complete their KYC and AML verification only once across the lifecycle of their transaction.

“By tackling the needless repetition of verification tasks, Secure Share significantly cuts the time needed to complete a transaction, making them faster and more efficient for all involved.”


What's your opinion?

Back to top button