This collaboration will offer businesses and consumers real-time access to funds, a critical factor when transferring money for high dollar value transactions.
Traditional real estate transactions are often hindered by slow and cumbersome payment processes, creating friction in an already challenging macroeconomic and real estate environment. Earlier in 2023, Cross River and paymints.io partnered to modernise real estate transactions with ACH (including same day) as well as domestic wire capabilities. Now, the companies will further streamline financial transactions by eliminating paper checks, reduce settlement times, mitigate instances of wire fraud, and provide real estate professionals, buyers, and sellers with immediate access to funds.
Adding the RTP network to its suite of existing payment rails enables Ppaymints.io to facilitate the movement of funds and facilitate the receipt of money deposits, client, and vendor disbursements to third parties, as well as intracompany and interdepartmental account to account transfers. By providing a seamless implementation into an organisation's existing infrastructure, Paymints.io equips real estate companies with a compliant and modern payments experience without the time and expense of a complete system replacement.
Officials from Cross River said that one of the most impactful benefits of their proprietary banking core is the ability to scale with their partners, allowing players like paymints.io to grow and expand product offerings. paymints.io is transforming financial transactions within the real estate industry and they’re happy to power their real-time payment capabilities.
Highlighting the significance of real-time payments, the team at paymints.io stated that integrating RTP instant payment capability into their payment process designed exclusively for real estate transactions signifies more than just adding a payment rail. They see it as a genuine evolution of their product, enabling instant and secure fund transfers for real estate professionals and enhancing the overall transaction experience with real-time visibility.
Cross River’s operating system, a proprietary API-based core, creates a streamlined connection between Cross River and The Clearing House’s RTP network, removing the need for reliance on third-party providers for end-to-end, real-time money movement. Combined with its comprehensive regulatory and compliance framework, the company’s infrastructure plays a vital role in supporting the innovation of financial technology, reducing friction in financial transactions, and promoting financial inclusion.
The new offering will improve stakeholder experience in a variety of real estate use cases including allowing prospective home buyers to deposit earnest money directly from their checking account when making an offer on a home and providing escrow holders and settlement agents the ability to disburse funds to clients and vendors safely and in real-time —without sharing routing and account numbers. The paymints.io platform, powered by Cross River’s operating system, combines multiple payment rails to facilitate the movement of funds for the entire transaction, giving stakeholders much needed security, transparency, and control of how and when funds are moved.
Representatives from The Clearing House expressed their satisfaction in contributing to the transformation of the real estate closing process. They enable banks like Cross River to send secure instant payments for their customers, streamlining the process over the RTP network. The network's USD 1 million transaction limit supports multiple real estate transactions and offers payment confirmation, eliminating uncertainties about payment statuses.
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