Cross River Bank, a technology infrastructure provider that offers embedded financial solutions, and paymints.io, a cloud-based financial operating system for digital payments that allows title insurance companies and real estate brokerages to send and receive digital payments in and out of escrow accounts, announced the expansion of their partnership to bring real-time payments to paymints.io customers over The Clearing House’s RTP network.
This expansion will enable businesses and consumers real-time “access to funds, a critical factor when transferring money for high dollar value transactions.”
Keith Vander Leest, Head of Payments for Cross River, 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.”
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 this year, Cross River and paymints.io partnered “to modernize real estate transactions with ACH (including same day) as well as domestic wire capabilities.”
Now, the companies will further “streamline financial transactions by helping to eliminate the inefficiencies of 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 paymints.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 organization’s existing infrastructure, paymints.io empowers real estate companies with a compliant and modern payments experience without the time and expense of a complete system replacement.”
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.”
