If you’re au fait with the revised SRA Accounts Rules, you’ll know that part 3 includes handling client monies through the use of third-party managed accounts (TPMAs). These are an alternative to holding client money directly and have been permitted by the SRA since 2017. It’s part of the regulator’s ongoing focus on protecting client money by making transactions more efficient, safe and transparent. The SRA has set out guidelines in relation to their use.
One of the leading pioneers in providing TPMAs is Shieldpay. We've formed an exclusive partnership with Shieldpay offering our law firm clients the opportunity to use Shieldpay on a pay-as-you-go basis alongside our Interactive legal accounting software.
You see, by operating Interactive and Shieldpay in tandem, accounting transactions are recorded in the Shieldpay bank account just like any other bank and the corresponding transactions logged on the client’s ledger in Interactive. You’re given online access to your Shieldpay account to manage and view transactions in relation to your clients’ matters.
To learn more about third-party managed accounts, download Shieldpay's useful 'Changing Properties' white paper.
If you’re interested in Shieldpay, please get in touch by emailing email@example.com or by calling 0161 236 2910.