Verification of Identity (VOI) software is the online tool used to verify the identity of clients. In the past, manual verification was required at the post-office, which usually came with a nice price-tag. These days, there are a number of online tools or mobile apps that can achieve the same result but faster, cheaper and just as accurately. Just open the software, fill in the details and let the wonders of technology remotely request the required documentation from the other party.
There have been a number of cases where people have pretended to be someone they are not. To avoid these fraudulent transactions, VOI is now a requirement in most states. In the world of conveyancing, all buyers and sellers are required to have their identity verified.
Why would you need to use electronic VOI?
As the industry turns electronic, this verification process will also need to take place online. For the eConveyancer, the settlement process starts with verification of identity, as you can see in the diagram below.
Starting your process online will make it easier to keep the rest of your eCovneyancing online too. The VOI can plug straight into your existing systems, such as your Practice Management System, saving you the hassle of printing or scanning. As your progress down the eConveyancing workflow, having everything online means it’s easily accessible in the next step, saving time and reducing the risk of error.
When it comes time to Settle, if you are using an eSettlement platform such as Sympli or PEXA, than you will need to upload VOI. Having an electronic VOI turns this process into a drag-and-drop.
Reporting with electronic VOI
Another benefit of using electronic VOI is the reporting function. When you use an app such triVOI, all your historical verification’s are stored and filed for access at the touch of a button. This is especially helpful when working on old matters or with existing clients. triVOI also comes with a quick summary screen so you can easily filter the checks you need. You can download a free guide to triVOI here.
Verification of Identity (VOI) is an important duty for all lawyers. By using an electronic VOI, you are beginning the transition into the online world, where many businesses are already headed. Avoiding fraudulent transactions is the goal and electronic VOI is the most efficient way to achieve it.