So we all know that in the Brave New World of Legal Services, it is likely to be Co-op Law rather than Tesco Law but now another arm of the Co-op movement – The Co-operative Bank – are after law firms’ money, with the launch of a new online banking service specially designed to help firms manage money on behalf of clients. The Financial Manager product is a customer money management package that makes the day-to-day running of client money simple. It has been developed for businesses such as those in the legal sector. The benefits include:
· Access to an unlimited number of virtual accounts which can be easily grouped together, such as by individual, company or property name.
· Facility to allocate account names and references so that they can be matched simply to those on company records for reconciliation.
· Make and receive payments or issue cheques against each virtual account.
· Potential to generate income by pooling funds held in accounts to take advantage of higher rates of credit interest available on larger balances; and an option to set varying interest rates on virtual accounts.
· Facility to generate custom reports.
Dave Matkin, Head of Corporate Business Development, at The Co-operative Bank said “Financial Manager is an online complete end-to-end customer money management package that gives the company full control over its clients’ money. It allows law firms to segregate client funds easily and efficiently, to complete reconciliation, reduce staff costs and time, and improve the service they provide to their customers.”