This acquisition allows both companies to further their shared vision of optimising real estate payments while ensuring security.
USD 1.9 billion funds were stolen from the US consumers and businesses in the past decade due to cybercrime in the real estate industry, according to the FBI. This is further supported by CertifID, which reports that as many as 1 in 20 home buyers and sellers become victims of fraud during a real estate closing.
With the acquisition of Paymints.io, CertifID extends the protection it provides customers in combatting cybercrime and delivering safe closing experiences for clients. The combined platform will integrate the improved capabilities of both companies into a unified experience. This includes identity verification, digital payments for all real estate transaction types, secure sharing of bank credentials, mortgage payoff verification, and proactive monitoring of fraud markers and risks, among others.
These combined features will provide customers with extended end-to-end transaction security, enabling them to gain greater control and visibility over the flow of money, with the ability to directly receive, transfer and disburse funds. This also manages the potential risks of fraudsters employing sophisticated social engineering tactics to scam clients and other parties in a transaction.
Another capability provided is extensive payment. The Paymints.io product supports use cases to enable efficiency and flexibility, including receiving or disbursing funds to home buyers and sellers, paying commissions to real estate brokerages, transferring intra-company funds, and managing insurance and municipality escrow payments.
Additionally, Paymints.io provides a white-labelled product to customers, so that title companies and law firms can integrate digital payments into their own client-facing branded resources and workflows. This simplification enables title companies and law firms to deliver a more convenient closing experience.
Paymints.io customers will continue to use the existing product while the features are integrated into the CertifID platform.
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