Legal Services
The Cashfac solution for Lawyers and Attorneys provides a fully automated self-service platform for lawyers and their clients. The solution allows lawyers and their clients to open and close sub-accounts themselves, make payments directly from their virtual account, and receive funds into their virtual and real DDA bank accounts on Cashfac. Lawyers are able to “self-service” for interest, apportioning the interest that they receive from their bank across their client base as they wish. The solution supports 1031 and ILOA/IOLTA accounts, including the segregation and settlement of interest and withholding tax required under state regulations and required regulatory reporting.
Benefits
- Self-service, fully digital user experience for lawyers and their clients.
- Fully scalable solution for banks based on automation foundations.
- Tailored account hierarchy for each law firm.
- Automated receipts allocation from the master account.
- Online statements and dashboards are fully branded for the bank.
- Automated reconciliations and controls reduce manual effort for the client and bank.
- Platform access permissions tailored for bank users, the bank’s client, and the client’s client.
