Cross River Bank and paymints.io, a cloud-based financial operating system for digital payments serving title insurance companies and real estate brokerages, have expanded their partnership to bring real-time payments (RTP) to paymints.io customers over The Clearing House’s RTP network.
This move will give businesses and consumers real-time access to funds, a critical factor when transferring money for high dollar value transactions, leaders said.
“One of the most impactful benefits of our proprietary banking core is the ability to scale with our partners, allowing innovative industry leaders like paymints.io to grow and expand product offerings,” Keith Vander Leest, head of payments for Cross River Bank, said in a release. “Paymints.io is transforming financial transactions within the real estate industry and we’re proud to power their real-time payment capabilities.”
Earlier this year, Cross River and paymints.io partnered on real estate transactions with ACH (including same day transactions) and domestic wire capabilities.
The companies said RTP capabilities will help in eliminating the inefficiencies of paper checks, reducing settlement times, mitigating instances of wire fraud, and providing real estate professionals, buyers and sellers with immediate access to funds.
Adding the RTP network to its suite of existing payment rails enables paymints.io to facilitate the movement of funds and facilitate receipt of money deposits, client and vendor disbursements to third parties, as well as intracompany and interdepartmental account-to-account transfers.
“As a payment process built from the ground up, specifically for the real estate transaction, we view adding the RTP instant payment capability as more than the addition of a payment rail but a true evolution of our product offering,” paymints.io CEO and co-founder Jason Doshi said. “Allowing real estate industry participants to move funds instantly and securely while providing real-time visibility drastically improves the real estate transaction experience. We’re excited to bring this solution to market with Cross River as our partner.”
Leaders said the new offering will improve stakeholder experience in a variety of real estate use cases such as allowing prospective homebuyers 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.
“We are proud to play a part in revolutionizing the closing process in the real estate industry by providing banks like Cross River the ability to send instant payments on behalf of their banking customers in a secure and more streamlined process over the RTP network,” said Rusiru Gunasena, The Clearing House senior vice president, RTP product management and strategy. “The RTP network’s $1 million transaction limit can accommodate many payments for real-estate transactions through a network that also provides confirmation of payment receipt, eliminating uncertainty about the status of a payment.”