Pay360, a Capita owned company, is to supply Law Firm Services (LFS) with its latest payment and identity verification software, Advanced Payment Gateway and Optimise Verify. The software will be integrated into LFS’s digital onboarding platform, Minerva, to assist legal firms in meeting their compliance and regulatory requirements.
LFS provides consultancy to legal firms to design and incorporate new technology to improve their business model. The three-year contract will see Pay360 provide fully integrated payment and identity functionality that will enable legal firms to manage quotes and payments, store documents and run client ID checks in one place. Identify verification software is fundamental for compliance in legal conveyance.
By streamlining and simplifying the payment and verification processes, the Pay360 software is designed to reduce the number of hours legal staff spend on administrative tasks, saving time and money. The software could also reduce the likelihood of human error, such as incomplete or incorrectly logged client billing information, by providing a unified system to securely store all relevant information electronically.
The legal sector has been slower than many in embracing the benefits of digitalisation, with the 2021 State of the Legal Market Report revealing that almost three-quarters (74%) senior partners believe their firms should be investing in more technology.
The same report revealed that an overwhelming number of UK-based lawyers (86%) would like to change the way they work in the future, with remote working at least two days a week becoming the new normal.
Stephen Ferry, managing director at Pay360, said: “As more legal firms adopt a hybrid working model, the importance of a secure electronic ‘hub’ for lawyers to access key client documents in one place is increasingly necessary. Our software is designed to make the process of complying with payment and verification requirements as straightforward and secure as possible, freeing up more time for legal workers to spend on client-facing work.”
Mark Hemmings, managing director at LFS said: “Pay360’s software provides a secure system for both payments and ID verification at a time when identify fraud has risen by more than two-fifths (41%) . We are delighted that through this partnership we are able to offer legal firms across England and Wales an accessible, safe and simple way to connect with their clients.”
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