New MoneyChain product for payment protection13/12/19
Making sure you get the right money to the right client, opposition, counsel or supplier is fraught with risk. Not only do you have to be on fraud alert throughout the entire process, you also need to be sure the validated bank account details received from the payee don’t get lost or mixed up along the way.
Bearing in mind the revised SRA Accounts Rules still make protection of monies the major regulatory priority for law firms, keeping in and transferring finances to the right place is absolutely essential.
That’s where our new MoneyChain solution comes into play…
We’ve developed close integration from the e-chit created by your fee earner in our Interactive legal accounting software through to your online banking software, ready for authorisation in line with your bank mandate. The new functionality allows your fee earners to simply enter the account number, sort code and payee when creating an e-chit within dedicated content fields. This bank information is then verified, encrypted and made available to your cashier to post the transaction to the relevant ledger. Even better, this feature is free of charge to all Interactive and Pinpoint outsourced cashiering service users as part of your standard licence fee.
For even more financial safety, choose optional functionality in the form of on-screen alerts notifying you that money’s been received into your client account and the ability to transmit payment files, either singly or in batches, to your internet banking system*. You can subscribe to these tools for an additional monthly fee.
The benefits of MoneyChain for your practice include:
- Confidence the bank account and sort code perfectly match through accurate validation
- Enhanced security as data is encrypted during transmission and whilst at rest
- No chance of error because re-keying of data isn’t necessary at any stage
- No need to constantly log in to your internet banking ststem to check if money has arrived
- Full audit trail available to bolster your financial transparency procedures
- Regulatory compliance as you’re meeting your SRA protection-of-monies obligations
- Close financial monitoring for assurance your money’s exactly where it should be
- Complete peace of mind that you’ll never again need to chase missing payments
* Only certain banks at this stage.
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