New tools for insolvency firms to speed up investigations & compliance
Armalytix, the multi-award-winning fintech delivering precision client information for compliance, affordability and more, has expanded its insolvency offering with the launch of two powerful new tools: a fully integrated Identity Verification Service and the industry’s first instant bank statement scanning and analysis solution.
With over 100 UK insolvency practices already using Armalytix’s open banking services to save time and gather efficient analysis, these new capabilities offer even greater efficiency, risk protection and compliance support, all accessible through one single, easy-to-use web portal.
The Armalytix Identity Service allows insolvency professionals to complete secure, global electronic ID verification as part of their Know Your Customer (KYC) and Anti-Money Laundering (AML) duties. The customisable service allows firms to select from a comprehensive set of tools, including PEPs and Sanctions screening, NFC passport scanning, facial recognition, proof of address checks and ongoing monitoring and more. It enables practitioners to onboard clients faster and verify stakeholders, and remain compliant across complex investigations.
Open banking has proved a significant boost to the speed and accuracy which Insolvency Practitioners can apply to their data gathering and in some cases completed. Unfortunately, there are still cases where using open banking is not possible. That problem has now been solved. Armalytix’s Statement Scanning functionality tackles one of the sector’s most persistent pain points: turning paper-based and PDF bank statements into structured, analysed data. By combining this with existing open banking integrations, insolvency practitioners can now access, analyse and report on financial data from any source. The platform’s automated analysis streamlines reviews, uncovers red flags and reduces time spent manually inputting transaction data.
Tony Walker, head of insolvency at Armalytix, commented: “Helping insolvency practitioners operate faster and smarter is a key focus for us. Whether it’s verifying a director’s identity or understanding historical financial activity, our tools need to be secure, intelligent and frictionless. These new services deliver on that, giving professionals back the time they need to focus on the important parts of their jobs.”
Diane Shovelton – compliance director, Leonard Curtis, added: “The Armalytix products are helping us to get started on our investigation work quicker, are enabling the bank statement analysis to be done quickly and cost-effectively, and are also helping us to develop a more consistent approach to our investigation work across our offices. I would say that the use of their products is a no-brainer.”
This expanded suite of tools marks another milestone in Armalytix’s mission to simplify financial compliance and investigations. From onboarding to analysis, insolvency professionals can now manage ID checks, collect and analyse client bank data, and automate key compliance steps, all in one place.