Armalytix, the multi-award-winning intelligence firm delivering precision client information for AML, affordability, and more, has today launched its redesigned Source of Funds reports, the first and only configurable report of its kind on the legal and property market, raising the bar for what firms should expect from a Source of Funds report - also known variously across the property sector as proof of funds, proof of deposit and more.
The new reports are designed to give legal and property firms greater control over how Source of Funds information is collected, presented and reviewed. Rather than relying on a standardised report format, firms can configure reports around their own risk appetite, internal processes and evidential requirements.
The Source of Funds reports currently available follow a generic format, with fixed data fields, report structures and presentation. However, the amount of information firms want and how they assess that information can vary significantly according to the nature of the matter, the firm’s policies and its approach to risk.
Armalytix’s redesigned reports enable firms to receive relevant financial information in a format that reflects their established file-review process, helping them focus on the issues that require attention. The reports can also be branded to the firm, providing a more consistent experience for clients and internal teams throughout the conveyancing journey.
Firms using Armalytix typically save one to two hours per transaction on Source of Funds review, time that can be redirected toward higher-risk cases and client service.
Key capabilities include:
- Bank data collection via open banking, statement scans, or CSV upload
- Dedicated client journeys for related third parties (gifted deposits, co-buyers, and more)
- Market-leading analysis that simplifies complex client finances
- Insights on income and large transactions flagged clearly
- Multiple banks and accounts combined in a single report
- Up to two years of transaction data
- Fully configurable reports, branded to firms
- Tailored questionnaires built to firms’ needs, or a choice of industry-endorsed templates
Alex Mangan, Head of Sales at Armalytix, said: “Source of funds is not one size fits all, with different firms having different risk appetites. Reports currently available to firms take a standardised approach which, apart from often missing key information altogether, can leave teams wading through information that is not relevant, jumping between pages or reviewing details in an order that doesn't make sense to them.
With this redesign, we’re ensuring our reports work in harmony with the realities and future direction of modern property transactions, giving firms more control and ultimately enabling faster and better risk decisions.”
The new, configurable reports are an important milestone in the drive by government and the property industry to make home moving faster and to reduce fall-throughs. A home buyer can be asked for the same financial information three or four times over in a single purchase—by the estate agent, the mortgage broker, the lender and the conveyancer. The reason is not that the underlying data differs. It is that each party needs a different question answered, to a different depth.
Until now, the different answers have been a separate collection exercise. But a customisable report makes it just one. The buyer completes one secure open banking journey, and from that single journey Armalytix can produce the specific report each party requires—from a full source of funds report for the conveyancer to income verification or affordability for the lender and everything in between—each configured to the depth that party's own obligations demand. The government's home buying and selling reform roadmap asked the sector to reduce this duplication rather than legislate it away. This is a big step in getting that done: far fewer journeys for the buyer, without asking any professional to accept less than their own firm or regulator requires.
