Cross River Bank, a technology infrastructure provider that offers embedded financial solutions, announced its strategic partnership with paymints.io, a Software-as-a-Service (SaaS) platform to for real estate payment transactions.
This collaboration marks “a significant milestone in transforming the way stakeholders in real estate transactions handle and control their funds.”
Initially launched with two payment rails, ACH (including same day ACH), and wires, the partnership “gives stakeholders transparency and security to the entire payment process to further the mission of eliminating paper checks and reducing fraud for partners and customers.”
Keith Vander Leest, Head of Payments at Cross River, said:
“As a leader in modernizing payments, we are thrilled to join forces with paymints.io to transform the real estate payment landscape. By combining our expertise in payments, compliance, and financial technology, with the paymints.io team’s deep expertise in real estate, property and title insurance, we are advancing the way funds are handled in real estate transactions and ensuring a seamless and secure experience for all parties involved. It’s niche B2B verticals, like real estate, that have outdated payment processes which are ripe for innovation. These verticals are where Cross River works with partners, like paymints.io, to drive better, more efficient payment experiences.”
The partnership between Cross River and paymints.io “provides stakeholders involved in real estate transactions – including buyers, sellers, agents, and escrow holders – with a revolutionary payment platform that enables them to move money swiftly, conveniently, and in line with their individual preferences.”
By leveraging Cross River’s API technology with the paymints.io platform, this innovative partnership “offers streamlined payments, expanded payment options, and enhanced visibility—at all touch points, from earnest money deposits to funding and disbursements.”
Stakeholders on the paymints.io platform can “track funds in real-time, verify transactions, and enjoy a heightened sense of security and trust throughout the entire real estate transaction journey.”
Jason Doshi, CEO of paymints.io, said:
“The innovation of digital payments for real estate is still at the early stages. And our partnership with Cross River enables us to continue to build the modern payment experience the real estate industry so desperately needs to make the transfer of funds as safe, convenient, and secure as possible.”
The innovative partnership between Cross River and paymints.io “represents a groundbreaking step towards modernizing real estate transactions, ultimately delivering a superior experience for all involved parties.”
The partners look forward “to adding additional payment capabilities in the future for access to all payment rails within a single platform.”
As noted in the update, Paymints.io is “a venture-backed, SOC 2 Type II certified, digital payments solution focused on elevating the payment experience in a real estate transaction.”
Automating payments and modernizing the B2B and B2B2C experience “allows real estate industry participants to reduce its dependency on the costly, manual process of handling and processing paper checks.”
The platform offers “a variety of payment solutions including earnest money deposit, cash to close as well as client and vendor disbursements securely – without having to expose and share account numbers and routing information.”