We created IOLTA One™ specifically for IOLA/IOLTA accounts to be used remotely from anywhere, on any device, with internet access
Banks and credit unions use mobile banking technology to compete for business by providing the convenience their busy clients desire. For lawyers convenience is not only the ability to handle transactions from a mobile office, but also the ability to complete non-billable tasks, such as IOLA bookkeeping, at any time and as quickly as possible. The mobile banking technology available allows a user to handle just about every type of transaction remotely from from anywhere in the world with internet access. A user can access a bank’s mobile app and deposit a check by taking a photo of the front and back of the check, initiate an outgoing transfer of funds to a third party, or view the account statement to check balances and cleared transactions. A lawyer’s ability to complete these three transactions remotely, as well as mail paper checks, means a lawyer does not need to be located near a bank branch to effectively handle business transactions.
We created IOLTA One™ specifically for IOLA/IOLTA accounts to be used remotely from anywhere, on any device, with internet access. IOLTA One is so easy to use, it reduces IOLTA bookkeeping to simple data entry, eliminates the most common IOLTA mistakes, and keeps records in compliance with New York rules. With mobile banking technology and IOLTA One, a lawyer can handle a complete transaction and immediately enter the transactions into their IOLTA records anywhere with internet access at any time their schedule allows.
The IOLTA One app can be embedded directly into the bank’s IT system. This means the pairing of the bank IT capability and IOLTA One happens entirely within the bank’s operating system. The benefits of embedding IOLTA One:
A standard real estate transaction is the most common complex banking transaction a lawyer will process through an IOLTA account. Deposits to the IOLTA account are typically a combination of a wire from the lending institution and a check from the buyer. Disbursements from the IOLTA account are typically over a dozen checks and wire transactions. The lawyer must create the IOLTA account ledgers, verify transactions have cleared, and reconcile the account.
The lawyer can log onto her bank account remotely to verify the wire from the lender has been received. When the buyer presents a check, the lawyer can deposit the check (typically a certified check and often presented at the closing) by utilizing the bank’s mobile app. Already being logged onto the bank account, the lawyer can go straight to the IOLTAOne app and record the deposits.
When the transaction is complete, the lawyer can disburse the checks necessary and wire funds from the account using the bank’s mobile app. Simultaneously with these disbursements, the lawyer can also record the transactions in her IOLTA records. The entire transaction can be completed without the need for the lawyer to go to a bank branch office.
The transactions will clear the bank account as checks are received and deposited. As these transactions clear the bank, they will automatically be cleared in the IOLTA account records. Reconciliation of the IOLTA account is then simply selecting the date range desired. With the automated reconciliation feature, the lawyer will easily be able to reconcile as often as required by American Land Title Association (ALTA) best practices (10 days), her title insurance company standards (typically every 2 weeks or 30 days), and New York bar rules (monthly).