BetterCo and 5FSoftware now partners: 5F integrates AI module for onboarding and compliance

Regensburg, 20.11.2024 – The integration of the AI-supported onboarding and compliance module from BetterCo into the 5F platform will make know-your-customer (KYC) processes and anti-money laundering compliance easier for law firms in the future.

Founders1 GmbH, a legal tech expert and provider of the BetterCo onboarding and compliance platform, and 5FSoftware GmbH have entered into a partnership. As part of this collaboration, BetterCo's AI-supported onboarding and compliance module will be integrated into the 5F platform. The module supports law firms in accepting new clients quickly and in a customer-friendly manner and efficiently ensures compliance with the requirements of the German Money Laundering Act (Geldwäschegesetz, GwG) as part of the Know-Your-Customer (KYC) process.

In the legal sector, the challenges posed by complex legal requirements and heterogeneous workflows are considerable, which can lead to serious gaps. The complex KYC process in particular, which is required under the Money Laundering Act, poses problems for law firms. By integrating BetterCo's onboarding and compliance module into the 5F platform, law firms can now handle the entire process of client acceptance and onboarding completely digitally. Company data and beneficial owners are automatically determined and clients receive pre-filled, digital questionnaires for self-disclosure. The module automatically checks organizations and their contacts against lists of politically exposed persons (PEP), sanctions and negative news, enables their continuous monitoring and summarizes all results in a risk analysis and documentation. The client database can also be included in these processes via import interfaces.

"The partnership with BetterCo and integration into the 5F platform is a logical and correct step into the future for us. By using the new onboarding and compliance module, law firms and companies can reduce the risk of breaches of regulations, thereby avoiding fines and reputational damage. The module also optimizes process efficiency and promotes digitalization, resulting in greater transparency and faster processes. The BetterCo module is an excellent addition to 5F."

Andreas Baier, founder and CEO of 5FSoftware

"Compliance is already crucial for law firms when opening new files. With the BetterCo compliance module, all tasks of the KYC process in onboarding can be handled digitally and stored centrally. This reduces effort, lowers risks and speeds up processes considerably. We are delighted to have gained another important partner in 5FSoftware, which complements its products with our specific onboarding and compliance expertise."

Eckhard Ortwein, founder and CEO of BetterCo

About 5FSoftware GmbH

With its 5F platform, 5FSoftware GmbH from Regensburg enables efficient and clear work and communication processes for law firms and companies. In addition to structured collaboration with external contacts, such as clients, customers and suppliers, 5F also includes the mapping of internal company processes. 5F is used as a central communication channel in various areas with similar requirements, such as tax consultancy, auditing, legal advice or management consultancy.

As an integrated communication solution, 5F fits seamlessly into existing software landscapes and enables central control of all work processes by connecting to document management systems (DMS) and other tools. Flexible interfaces and secure authentication processes ensure constant access to all important information and thus promote productivity and data quality. Customers are supported in optimally integrating 5F into their software environment in order to exploit the full potential of their IT infrastructure.

More information at: 5fsoftware.com

About Founders1 GmbH

Founders1 develops and markets the AI-powered onboarding and compliance platform BetterCo, tailored for regulated industries such as legal, tax and finance. Companies can use BetterCo to serve their clients in a compliant, efficient and collaborative environment. BetterCo's no-code technology makes it easy to digitize even complex onboarding and compliance processes. Thanks to the open integration architecture, these processes can be seamlessly integrated into existing products, systems and databases and these can be enriched immediately. The use of AI automates processes and adapts them to the individual context. With BetterCo, onboarding processes are efficient and customer-centric and the associated compliance processes are carried out in a compliant manner at the same time. The BetterCo compliance module has already been integrated into their own products by market leaders such as stp.one and Wolters Kluwer.

More information at: betterco.ai

Contact us

5FSoftware GmbH
Rudolf-Vogt-Straße 21, 93053 Regensburg, Germany
Web: www.5fsoftware.de
E-mail: info@5fsoftware.de
Phone: +49 941 204 903 0

5FSoftware GmbH
Rudolf-Vogt-Straße 21
93053 Regensburg
Germany

https://www.5fsoftware.de
Herr Lennart Mahling
l.mahling@5fsoftware.de

About 5FSoftware GmbH

With its 5F platform, 5FSoftware GmbH from Regensburg enables efficient and clear work and communication processes for law firms and companies. In addition to structured collaboration with external contacts, such as clients, customers and suppliers, 5F also includes the mapping of internal company processes. 5F is used as a central communication channel in various areas with similar requirements, such as tax consultancy, auditing, legal advice or management consultancy.

As an integrated communication solution, 5F fits seamlessly into existing software landscapes and enables central control of all work processes by connecting to document management systems (DMS) and other tools. Flexible interfaces and secure authentication processes ensure constant access to all important information and thus promote productivity and data quality. Customers are supported in optimally integrating 5F into their software environment in order to exploit the full potential of their IT infrastructure.

More information at: www.5fsoftware.de

This release was published on openPR.