Source: Today’s Conveyancer
David Kern, CEO at Virtual Signature-ID explained the need to speed up property transactions:
Conveyancers encounter several hurdles in orchestrating a more integrated process, the most notable being the lack of substantial automation within their Practice Management Systems (PMS) and Document Management Systems (DMS).
The prevailing PMS and DMS utilised by most firms lack an automated client onboarding system for actions such as document signing, eWitnessing, ID verification, KYC/AML screening, and source of funds applications and workflow. This often leads to disparities in transaction processing times, such as property sales, purchases, or claims, particularly when some parties use automation and others do not.
Standardising the process through legislation could help mitigate the delays inherent to analogue procedures and discrepancies in timescales across various signing or case management platforms. Moreover, fostering greater data sharing…
Read full article: https://todaysconveyancer.co.uk/legaltech-chief-highlights-need-speed-property-transactions/
