Top 5 Tools for Streamlining Financial Data Collection in Law Firms

Manual financial data collection is still one of the biggest time drains for UK law firms.

Whether you’re:

• Preparing insolvency files
• Verifying affordability for litigation or settlements
• Reviewing bank data for AML or source of funds checks

You’re probably chasing PDF statements, waiting on uploads, and reconciling fragmented records, all while facing rising regulatory expectations.

What’s the risk?

• Hours lost to admin work
• Inconsistent data from clients
• Increased exposure during audits or due diligence

What’s the better way?

This blog covers five tools designed to solve exactly that. These platforms help legal teams:

• Automate financial data collection via Open Banking
• Combine multiple accounts into a single, structured view
• Generate audit-ready reports for compliance, affordability, and source of funds reviews

If your firm still relies on emails and spreadsheets to gather bank data, these solutions will help you work faster, reduce admin, and improve confidence in every file.

Comparison Table: Financial Data Collection Tools for Law Firms

Tool	Best For	Open Banking Access	Multi-Account Analysis	Affordability Insights	Export Formats	Pricing Model
Finexer	All-purpose bank data access for any case type	✅	✅	✅	PDF, CSV, JSON	Usage-based
InfoTrack	Conveyancing firms using digital onboarding	✅	✅	✅	PDF	Per-transaction or bundled
Legl – SoF	Firms using compliance questionnaires + bank data	✅	✅	✅	PDF	Custom quote (bundled)
Valid8 Financial	Forensic reviews and insolvency-based bank data analysis	✅ (indirect)	✅	✅	Excel, PDF, JSON	Case-based or per-file quote
Minerva	Onboarding-focused firms needing SoF automation	✅	✅	✅	PDF	Subscription + volume tiers

1. Finexer

Best for:

Law firms that need fast, structured access to client bank data for affordability checks, source of funds analysis, or insolvency workflows, without chasing PDFs or reconciling spreadsheets.

Key Features

• Direct access to 99% of UK bank accounts via Open Banking
• Clients can connect accounts or upload PDF/CSV statements
• Auto-categorises income, expenses, and large transactions
• Combines multi-account data into a single, timestamped report
• Export-ready outputs for internal audit or case file submission
• Consent flows branded to your firm (white-labelled)

Pros

• Real-time financial data collection without document delays
• Supports affordability analysis and income profiling in minutes
• Pulls transaction data across multiple banks per client
• Dashboard or API access suitable for solo firms and legal tech platforms
• No setup or cancellation fees, usage-based billing model

Cons

• UK market only (no EU or international Open Banking access)
• Focuses on UK Compliance & businesses

Integrations

• Webhooks and dashboard exports (CSV, PDF, JSON)
• Compatible with legal case management systems and financial review tools

Pricing

Finexer operates on a pay-as-you-use model. You’re only charged when you collect data, no monthly fees, no hidden charges.
✅ No setup fees
✅ No cancellation fees
✅ No cost for unused clients or inactive months

How Finexer Helped VirtualSignature-ID Simplify Financial Data Collection

VirtualSignature-ID (VSID) is a UK-accredited eSignature and digital identity provider supporting compliance and onboarding across the legal and accountancy sectors. As part of their commitment to delivering fast, secure, and compliant verification journeys, VSID needed a better way to access client financial data, especially for source of funds, affordability checks, and AML compliance.

To solve this, they integrated Finexer’s Open Banking infrastructure.

Why Finexer

• Real-time data from 99% of UK banks
• Fully categorised reports with income, large transactions, and account-level detail
• Exportable formats (PDF, CSV, JSON) for audit, compliance, and case files
• No setup fees or hidden costs, only usage-based pricing with zero vendor lock-in

“Our clients in the legal and accountancy sectors expect the highest standards of efficiency and security, and Finexer’s solutions help us deliver on those expectations every day,”
— David Kern, CEO, VirtualSignature-ID

Outcome

By embedding Finexer into their client journeys, VSID now offers financial verification that is:

• ✅ Faster: Reports are delivered in minutes, not days
• ✅ Simpler: Clients connect their accounts securely without uploading PDFs
• ✅ Compliant: All data is FCA-aligned and audit-ready

VSID continues to enhance its onboarding experience while reducing admin, backed by Finexer’s trusted Open Banking platform.

2. InfoTrack

Best for:

Conveyancing and property law firms that want built-in financial data collection as part of their digital onboarding and matter management process.

Key Features

• Collects bank transaction data using Open Banking
• Integrates Source of Funds checks into conveyancing workflows
• Allows clients to connect accounts securely via a consent link
• Auto-generates SoF reports with income, deposits, and high-risk flags
• Centralises documents and reports within the case matter file
• Built for financial data collection for law firms handling property transactions

Pros

• Ideal for firms using InfoTrack for onboarding or e-signatures
• Combines multiple accounts into a single financial report
• Helps firms comply with AML and Source of Funds documentation rules
• Reduces client email exchanges and document uploads
• Works directly within platforms like LEAP and Actionstep

Cons

• Best suited to conveyancing firms, less flexible for general litigation or insolvency
• Does not offer standalone bank data collection (must be used within the InfoTrack suite)

Integrations

• Deep integration with LEAP, Actionstep, and other UK legal CRMs
• Reports are exportable for compliance and audit documentation

Pricing

• InfoTrack’s financial data collection feature is priced per transaction or bundled within onboarding workflows.
• Pricing varies depending on whether you’re using their broader suite for document signing, ID checks, or land registry tasks.

3. Legl – Source of Funds

Best for:

Law firms looking to automate financial data collection during onboarding, with the flexibility to use tailored questionnaires and Open Banking access in one workflow.

Key Features

• Open Banking integration for real-time bank data access
• Customisable SoF questionnaires to gather context behind transactions
• Categorises income sources and highlights large or irregular activity
• Multi-account reporting for clients with complex financial footprints
• Built-in reminders for clients who haven’t submitted their data
• Designed specifically for financial data collection for law firms with strict audit requirements

Pros

• Combines transactional data with client-supplied context (via questionnaires)
• Fully browser-based, no client app needed
• Reports include categorised income, disposable income estimates, and transaction summaries
• White-labelled flows for a branded client experience
• Integrates with Legl’s wider onboarding, risk, and payment tools

Cons

• Requires client input via forms, which may add friction in urgent cases
• Best suited for firms already using Legl’s onboarding suite

Integrations

• Seamless integration within Legl’s full compliance and onboarding platform
• Data exports available in formats suited for audit, review, or PDF bundling

Pricing

• Legl’s Source of Funds checks are typically included within its onboarding package or available as an add-on.
• Costs vary by firm size and volume of monthly checks.

4. Minerva

Best for:

Law firms that want an all-in-one onboarding tool with built-in financial data collection, especially for conveyancing and high-value property matters.

Key Features

• Embedded Open Banking integration to collect real-time bank data
• Built-in Source of Funds feature powered by transactional analytics
• Combines income, account balances, and spending patterns
• Brings all client bank accounts into one analysed view
• Clear affordability summaries for decision-making and audit trails
• Purpose-built for financial data collection for law firms managing regulated funds

Pros

• Designed for legal workflows, ideal for firms handling large sums or regulatory filings
• Offers clear, ready-to-export financial reports
• Easy for clients: submit data via link, no app needed
• Works within Minerva’s full onboarding suite, reducing system-switching
• Client reminders and auto-expiry on pending requests

Cons

• Financial data features are bundled, not available as a standalone tool
• Best suited for firms already using Minerva for onboarding or verification

Integrations

• Integrated with LEAP and other legal CRMs
• Reports are exported as PDF or attached directly to the matter file

Pricing

• Minerva’s financial data tools are included in its core onboarding platform.
• Pricing is firm-specific and depends on the number of onboarding journeys per month.
• Custom quotes are offered based on practice size, usage, and feature set.

5. Valid8 Financial

Best for:

Firms involved in insolvency, fraud recovery, or legal disputes that require structured, high-volume financial data collection across multiple banks and formats.

Key Features

• Extracts data from PDFs, CSVs, and bank feeds across institutions
• Automatically categorises deposits, withdrawals, and key transaction types
• Flags unusual transactions or missing statements
• Normalises multiple formats into a single, analysable record set
• Suitable for litigation support and financial investigation teams
• Built for multi-account transaction analysis in complex legal cases

Pros

• Handles raw, legacy, and multi-format financial records
• Ideal for practitioners reviewing years of statements
• Provides structured transaction logs ready for audit or court
• Removes the need for manual data clean-up and spreadsheet matching

Cons

• More forensic-focused than onboarding-friendly
• Not tailored for fast client self-service, built for legal and accounting experts

Integrations

• Exports to Excel, PDF, and JSON for import into legal and financial systems
• Can be integrated into document management platforms via API

Pricing

• Valid8 Financial uses a case-based pricing model based on the volume and complexity of the dataset.
• Firms typically request quotes per case or per client file requiring analysis.