Why We’re Excited to Partner with Socket
At Xama, we get excited about every new integration — and for good reason. Partnerships and integrations are at the heart of how we believe AML compliance can deliver real value to firms. When AML becomes a seamless part of daily operations, it stops being seen as a drain on resources and starts being recognised as a tool that enhances efficiency and insight. This shift in perception is exactly what drives our vision at Xama: embedding AML compliance into business processes in a way that supports, rather than hinders, growth and productivity.
Over the years, we’ve integrated Xama with a variety of platforms, particularly practice management solutions. These collaborations have been a great success for us, our partners, and most importantly, our mutual customers.
Now, our partnership with Socket represents a significant step forward. From the earliest days of Xama, we set out to address the disconnect between AML compliance and client onboarding. With Socket, we’ve found a partner that shares our vision and gives us the opportunity to fully realise the potential of deep, meaningful integration.
The First Step: Syncing Client Lists and Surfacing AML Insights
The current Socket integration focuses on two key areas:
- Client List Syncing: A solid integration starts with connecting client and contact lists. This ensures that both Xama and Socket stay aligned, reducing manual data entry and keeping client information consistent across systems. It creates the basis by which information can be shared efficiently.
- AML Risk Assessment Visibility: With this integration, users can now view AML statuses and risk assessments directly within Socket. This gives firms instant access to critical compliance information during the proposal and onboarding process, without needing to switch between platforms.
These features provide immediate value: streamlining workflows, improving visibility, and embedding AML awareness into client engagements from the outset.
Unlocking the Potential: Where This Integration Can Go Next
While we’re excited about what this partnership has delivered so far, what excites us most is the potential this has unlocked for the future. From the very beginning, Xama was designed with integration at its core, and Socket offers the perfect platform to take this to the next level.
Here’s a glimpse of where we see potential for this integration to evolve and how it could reshape the client onboarding and AML experience in the future.
Bringing AML Tools Into the Engagement Process — Earlier
Today, AML checks often feel like a hurdle that appears after a proposal is signed but before work can begin. This outdated approach adds friction for both firms and clients.
We see a future where AML becomes part of the discovery and proposal phase. Imagine having access to company credit reports, ownership structures, or political exposure insights before your first client meeting. These insights could inform your proposals, highlight risks early, and even identify opportunities to offer tailored services.
By integrating these capabilities into Socket, firms could complete much of their KYC and risk assessment work before a letter of engagement is signed. Turning compliance into a proactive, value-driven process.
Growing the Integration: Smarter Data Sharing
As the integration matures, we envision deeper data sharing between Xama and Socket.
- Access detailed company structures, director links, and credit reports within your discovery and proposal workflow.
- Use real-time AML data to guide negotiations, identify opportunities, adjust service offerings, or flag potential risks early.
- Data available through a Xama integration could potentially act as drivers to determine pricing. For example the number of directors, or complexity of ownership structures, can drive the suggested price for annual confirmation statements.
Over time, Xama builds up a 360-degree client view, combining data collected from internal systems such as accounting ledgers and practice management tools; client risk assessments; and data available through external sources such as compliance searches and company credit reports. This complete client view should inform client, service level and pricing reviews, not only confined to AML compliance.
A Two-Way Flow: Enhancing KYC with Discovery Data
Future development could also see Socket feeding valuable discovery-phase data back into Xama. Information about intended services, early interactions, and client expectations could automatically populate KYC records and risk assessments.
This would mean that by the time a client signs their engagement letter, much of the compliance groundwork is already done. Eliminating rushed checklists and ensuring risks are addressed before the engagement is established.
Streamlining the Entire Onboarding Journey
We believe there’s huge potential to minimise client touchpoints by integrating AML directly into the proposal process. Just as firms ask clients to set up payment details before signing, identity verification could become part of a single, seamless interaction. Similarly information needed to assess money laundering risks should be collected as part of this customer interaction, rather than multiple disjointed interactions typically seen as part of the client onboarding process.
This would remove friction, speed up onboarding, and allow firms to focus on delivering value from day one.
The Future of AML and Client Onboarding
Socket’s integration with Xama already delivers clear benefits by connecting client data and surfacing AML insights where they’re needed most. But we hope this is just the beginning of an ongoing partnership where our products align to provide the very best outcome to our mutual customers.
We believe firmly that the best outcome for customers is delivered through integration between founder led, specialised products.
We’re excited about the potential roadmap ahead, a future where AML compliance is no longer an afterthought but a proactive tool that enhances client relationships, reduces admin, and unlocks new opportunities.
For our mutual customers, this partnership represents not only immediate efficiency gains but also the promise of a smarter, more connected onboarding experience as we continue to expand what this integration can offer.
Get in touch with the team at Socket
