London, UK – February 27, 2023 – Reapit is excited to announce its new partnership with Know-your-customer and Anti-money laundering provider Thirdfort, who have joined our AppMarket ecosystem. Thirdfort offers a cutting-edge app that allows Reapit AgencyCloud customers to onboard clients quickly and seamlessly, with swift and secure electronic ID and AML checks that ensure properties can be listed faster.
With Thirdfort, estate and letting agents can choose from a basic PEPs and sanctions screening, UK address match, and document verification, or opt for a more comprehensive electronic ID verification for when clients need to verify themselves remotely. Thirdfort will even chase clients for you, freeing up time for agents to focus on what matters most.
Thirdfort’s ID and AML verification helps agents comply with HMRC regulation, making compliance faster and easier than ever. With just a few clicks, agents can initiate ID and Proof of Funds verification, allowing buyers and sellers to complete their checks remotely. And if they need a little extra guidance, Thirdfort’s UK-based support team is always on hand to assist.
One of the most impressive features of Thirdfort is its use of the latest technology to automate ID and anti-money laundering verification, allowing estate agents to reduce the time it takes to verify ID and proof of funds, cut costs, and free up time usually spent on client onboarding. All you need to start verifying your client’s ID and proof of funds is a name and phone number.
AML is a significant issue challenging the UK property industry. HMRC reported in October last year that 68 estate agencies had been fined a total of £519,645 for not complying with AML requirements. Additional research reveals that estate agents still account for the largest number of AML fines issued by HMRC since the introduction of AML regulation in 1993, with the industry accounting for nearly half (45.4%) of fines issued.
Thirdfort are trusted by more than 950 businesses to help them stay in line with the HMRC regulations and their Reapit AppMarket app offers a robust layer of support for Reapit customers to remain compliant with all required AML regulation.
Mark Armstrong, Group CEO, Reapit, said: “I am very pleased to welcome Thirdfort as an App Partner on the Reapit AppMarket ecosystem. Thirdfort’s cutting-edge solution to automate ID and AML verification will enable our customers to save time and costs while ensuring compliance with AML regulations, and we are excited to see the benefits this app will bring to our users.”
Teddy Ludmer, Head of Partnerships at Thirdfort, said: “The compliance burden for estate agents is ever-growing, as evidenced by recent fines. This exciting partnership offers a solution: some of the UK’s top estate agents can now speed up their KYC and AML processes, enabling properties to be listed and sold more quickly.”
Patrick Hannah, Chief Marketing Officer, Reapit
Reapit is the original, end-to-end business technology provider for estate agencies of all sizes. We’ve been helping residential estate agents to put growth on repeat for the past 25 years, providing agencies in the UK, Australia and Denmark with all the essential technology they need to run and grow their businesses, underpinned by our robust, enterprise-ready security infrastructure.
Our multi award-winning AgencyCloud business platform in the UK, and AgentBox CRM and Console Property Management solutions in Australia, deliver fully integrated, dynamic technology for sales, lettings, property management, block management, client accounts and analytics.
The Reapit AppMarket provides access to an ecosystem of over 70 integrated apps from leading Proptech providers, with single sign-on for a super-smooth, secure user experience – and our Developer Portal gives agencies the ability to build their own apps and customise their experience.
Our powerful service and training model, with unlimited access to a comprehensive range of resources, is part of our commitment to being a partner in growth for our customers – helping them meet the changing needs of consumers and the wider real estate market.
Reapit technology is used by over 60,000 agents in more than 12,000 branches worldwide, with over 820,000 properties under management. For more information, please visit www.reapit.com.
About Accel-KKR (AKKR)
Accel-KKR is a technology-focused investment firm with $14 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for top-line and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. For three consecutive years between 2019 and 2021, Inc. has named Accel-KKR among “PE 50: The Best Private Equity Firms for Entrepreneurs”, an annual list of founder-friendly private equity firms. Accel-KKR was named “Best-Performing PE Firm” globally by HEC-DowJones 2021 Performance Ranking. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London. For more information, please visit www.accel-kkr.com.