Exizent, the Glasgow-based technology firm, has announced a pilot project with Scottish Building Society to help families navigate legal and financial processes when an account holder passes away
The new system aims to simplify the entire journey, from notice that a customer has died, to identifying their accounts, releasing any funds held, and closing the case. The partnership with Scottish Building society will help pilot a solution to connect legal services to Financial Institutions radically simplifying the process of exchanging and validating information. The Scottish Building Society partnership will help inform the design concept and, following the pilot, aim to form a universal solution that not only improves the current process but also adds real value.
In September 2020, Exizent secured £3.6 million in funding to transform the way the legal and financial services industries deal with bereavement by building the first ever platform that connects data, services and the network of people involved when someone passes away.
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The company’s ongoing mission is to reduce uncertainty, increase speed and make it far simpler for everyone involved. As well as working closely with legal services firms, Exizent is now also partnering with Scottish Building Society to understand the issues from both sides, as Nick Cousins, CEO and co-founder of Exizent explains:
“We already have a strong understanding of the issues faced by legal service firms in this area of asset recovery process. The partnership with Scottish Building Society will enable us to gain insight from the perspective of financial institutions with the ultimate aim of enabling both to work together seamlessly to ensure the information needed to grant probate and release funds is exchanged quickly and efficiently.”
Paul Denton, Chief Executive of Scottish Building Society, said: “We welcome this opportunity to partner with Exizent on a platform to simplify the process and ease the burden on families. Our experience of dealing with customers at a time of deep personal grief, combined with Exizent’s revolutionary technology, offers a potential solution for the wider UK financial sector.”