Cashroom lead the way with integrated Open Banking
REVOLUTIONISING LEGAL ACCOUNTING
Cashroom has become the first in the legal accounting industry to integrate open banking technology into their client portal – increasing efficiency for law firm clients.
Cashroom have recently launched a new integration into their custom-built client portal which now supports open banking on all supporting banks. Open banking creates a link between the client portal and the bank, allowing Cashroom’s legal cashiers to access transactions directly, without the need to log into the banking platform each time. This new feature is revolutionary and will allow Cashroom to speed up incoming fund response times for clients. For firms in conveyancing, this is of particular interest. Increasing speed of transactions and incoming funds can decrease delays in conveyancing chains and in turn result in happier clients. This open banking technology is supported by RBS, NatWest, Bank of Scotland, Lloyds and more.
To compliment this new feature, Cashroom have also built a bank statement importer feature which allows reports from the bank to be uploaded to their portal, saving time by making the need to manually create incoming fund forms redundant.
Both new features also benefit from suggested matching and annotation functionality to assist Cashroom’s teams of legal cashiers to spot new or expected receipt transactions. This should help increase efficiency further and reduce the time spent on each incoming fund transaction – this in turn will delight the law firms’ clients as the process is faster and more secure.
These new features eliminate the risk of human error as there is no need to type or copy/paste information from the bank, it is automatically populated from the bank itself. To further reduce risk, these imports are read only and locked, meaning no edits can be made by accidental human error.
Cashroom clients will see the benefits of this development through increased efficiency, risk reduction and the speed at which their legal cashiers can complete incoming funds checks . Another benefit for Cashroom clients is that they will see the benefits in speed and efficiency without anything changing on their end, everything will look the same, meaning no new process to get to grips with. Allowing clients to benefit from the functionality without any disruption to their existing workflows was paramount in the development of this feature.
Cashroom’s legal cashiers have been working with these developments for a few weeks now and the feedback has been excellent.
“It’s a great feature, saves so much time logging into banks.” – Dianne Clifford, Team Leader, Cashiering
“This is an amazing new feature and a real credit to all involved “ – Paul Yates, Team Leader, Cashiering
There is no other legal accounting provider with access to this level of technology. The benefits this development brings Cashroom clients holds these law firms above the rest in terms of their own clients’ happiness. This is an exciting update for the UK legal industry. Cashroom’s in-house development team are constantly working on improvements and new developments to further benefit their clients as they continue to revolutionise legal accounting.
About Cashroom
Cashroom provides expert outsourced accounting services for Law Firms including Legal Cashiering, Management Accounts and Payroll services. Our mission is to free lawyers from the complexities of legal accounting by supporting the industry with accurate management information and allowing lawyers to do what they do best – practice law.
We’ve been with Cashroom for quite a few years now, and I would never go back. In any business, and particularly in times of uncertainty, it’s important to control your costs, and that’s exactly what you help me do.
