SmartSearch has launched a new Source of Funds (SoF) solution through a strategic partnership with fintech firm Armalytix.
Regulated by the Financial Conduct Authority (FCA) as an Account Information Service Provider, the technology behind the SoF solution is already used in one in five UK residential property purchases.
The partnership enables SmartSearch to integrate automated SoF checks directly into its digital compliance platform, combining AML, due diligence and financial verification in a single workflow.
The new solution replaces manual document verification with a secure, automated process powered by Open Banking.
By validating financial data directly at the source, the system aims to enhance fraud protection, provide a complete audit trail, and strengthen regulatory confidence.
Phil Cotter (pictured), CEO at SmartSearch, said: “This partnership with Armalytix marks a significant step forward in simplifying and securing compliance for our key markets.
“The SoF solution provides businesses with an unparalleled level of regulatory confidence and efficiency, allowing them to focus on their core business without compromising on security. This innovative solution will undoubtedly enhance our ability to help them win business through trusted identities.”
Richard McCall, CEO at Armalytix, added: “The residential property sector deserves a faster, more trustworthy compliance process.
“Our FCA-regulated Open Banking platform delivers verified, source-validated data instantly.
“Partnering with SmartSearch means this capability is now integrated into a comprehensive due diligence product, setting a new standard for speed and anti-fraud protection in UK property transactions.”
