General

The FINcredible Legal Service

The legal tech solution for law firms

Preparing a statement of assets (Vermögensverzeichnis) can be a tedious and time-consuming task for law firms and their clients. Drawing up household budgets in particular often involves a lot of administrative effort: data is missing, out of date, illegible or incorrect. This is where FINcredible’s latest legal tech solution comes in: the FINcredible Legal Service.

Together with the Austrian Bar (ÖRAK), and based on our many years of experience in analysing financial data, we have developed a digital solution tailored to law firms. It makes compiling financial information for a wide range of legal matters simple, efficient and less error-prone.

When Can You Use the FINcredible Legal Service?

The FINcredible Legal Service was developed as a universal solution for collecting and analysing financial data in legal matters. The focus during development was on the statement of assets under § 185 of the Austrian Insolvency Act (IO). However, our solution is also the right choice in other situations where a household budget, proof of income or employer confirmation is legally required or requested. Lawyers have already used the FINcredible Legal Service successfully in enforcement and divorce proceedings, in determining maintenance obligations, in adult representation and in debt counselling.

How Does the FINcredible Legal Service Work?

The process is simple. In the FINcredible WebApp, the law firm enters its client’s details and selects one of the preset, customisable templates for data collection, for example a household budget for a statement of assets under § 185 IO. The client then receives an email with a link to complete the data collection and analysis. The law firm can add further information to this email via the WebApp.

Once the client has given their explicit consent to share their payment account and to the processing and transfer of the data, FINcredible uses the account data retrieved in real time to create a household budget, proof of income or employer confirmation. It meets the legal requirements or the law firm’s specifications. The result is then sent back to the law firm and can be exported as a CSV or PDF file, for example for secure archiving. Organisational and technical measures protect the client’s data throughout the entire process.

What Are the Benefits for Your Law Firm?

The FINcredible Legal Service saves your law firm a significant amount of time and resources. Instead of going through bank statements yourself, the analysis and the household budget are created fully automatically, within seconds and with up-to-date data. The automated FINcredible process also eliminates common sources of error: illegible handwriting, calculation errors and typos are a thing of the past, which also reduces the effort for later corrections. Law firms can focus on advising their clients and have one less administrative task to worry about.

It doesn’t matter how many household budgets your law firm needs. The FINcredible solution is flexible and scalable, so you can rely on the FINcredible Legal Service even when your needs and requirements change.

What Are the Benefits for Your Clients?

The FINcredible Legal Service means less effort and less frustration for your clients. Instead of spending a long time gathering information about their income and expenses, your clients can complete the entire process in less than a minute, in just three steps, on a computer or mobile device. They can do so at any time, regardless of your law firm’s opening hours or location.

How Much Does the FINcredible Legal Service Cost?

You only pay for account analyses that have been fully completed. The price per account analysis is EUR 19.90. There is no basic fee when using the standard configuration (application process in FINcredible design, standard WebApp configuration).

Prices for the account analysis and the basic fee may differ depending on the contractual agreement and additional technical services.

Would you like to learn more about open banking? Then read our article “What Is Open Banking and Why Is It Important?”.

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FAQ

What is the FINcredible Legal Service?

A legal tech solution for law firms, developed together with the Austrian Bar (ÖRAK). Based on the client’s bank data, it creates household budgets, proof of income and employer confirmations, for example for a statement of assets under § 185 IO.

In which legal matters can the FINcredible Legal Service be used?

It was developed with a focus on statements of assets under § 185 IO. Lawyers also use it in enforcement and divorce proceedings, in determining maintenance obligations, in adult representation and in debt counselling.

How does the process work for the client?

The client receives an email with a link from the law firm. After giving their explicit consent to share their payment account, they complete the process in less than a minute, in three steps, on a computer or mobile device.

How long does an account analysis take?

The account analysis usually takes just a few seconds once the client has shared their account data. The results are then available immediately.

Can the FINcredible Legal Service be used for purposes other than statements of assets?

Yes. It can also be used to create household budgets, proof of income and employer confirmations needed for various legal purposes.

How is the client’s data protected?

The account data is only retrieved after the client’s explicit consent. Organisational and technical measures protect the data throughout the entire process. FINcredible was the first account information service provider in Austria to be licensed by the Financial Market Authority (FMA) under PSD2.

How much does the FINcredible Legal Service cost?

EUR 19.90 per fully completed account analysis. There is no basic fee with the standard configuration. Different prices may apply for special configurations or additional services.

What are the technical requirements?

The FINcredible Legal Service is web-based and works with all common operating systems and web browsers. No special technical requirements apply, which makes it easy to integrate into existing law firm workflows.