Xama launch first-of-its-kind Companies House monitoring tool
AML software specialists, Xama Technologies, has launched a unique tool that will allow accountancy firms to monitor the Companies House records of their clients in real-time.
The brand-new feature, which is entirely unique to Xama, is integrated with Companies House and allows users to receive real-time updates on changes to directors, persons of significant control (PSC) and when company statements are filed.
Underpinning the new feature within Xama’s AML platform is an up-to-date copy of millions of Companies House records, being kept up to date in real-time.
As well as the features added for users of Xama’s AML platform, developers and other app partners will be able to access Companies House without the limits imposed by the Companies House API.
Xama has the potential to revolutionise how accounting applications are able to consume Companies House data and enhance user experience in a multitude of ways for the sector.
The launch of the software, therefore, has the potential to transform onboarding and monitoring processes for accountancy firms and their clients.
Jacques Malan, Managing Director at Xama Technologies, said: “We are excited to finally bring our Companies House monitoring tool to users of our powerful AML platform.
“A lot of work has gone on behind the scenes to create a piece of software that is truly unique in what it does.
“For our clients, compliance is naturally an important part of their work, so for them to now have the ability to receive real-time notifications about any changes or updates to their clients’ records on Companies House is a real game-changer.
“Using this new tool will save our clients time in having to manually go through each Companies House record and give them the peace of mind that their AML checks are based on the latest information.”
Apart from the initial benefits on offer, the service also allows Xama and their partners to analyse large sets of Companies House data, something which cannot be done over the Companies House API at scale.
This means that Xama’s platform will soon be able to analyse more complex ownership structures and provide enhanced investigative KYC tools, such as organisational charts as well as changes within these structures.