The collaboration is being launched with two payment rails — ACH, including same-day ACH, and wires — and aims to help real estate stakeholders eliminate paper checks and reduce fraud, the companies said in a Wednesday (May 31) press release.
“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,” Cross River Head of Payments Keith Vander Leest said in the release.
The new partnership brings together Cross River’s application programming interface (API)-driven embedded financial solutions and paymints.io’s Software-as-a-Service (SaaS) platform for real estate payment transactions, according to the press release.
Leveraging their combined capabilities, users of the paymints.io platform will be able to track funds in real-time, verify transactions and gain greater security and trust throughout the transaction, the release said.
“The innovation of digital payments for real estate is still at the early stages,” paymints.io CEO Jason Doshi said in the release. “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.”
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PYMNTS research has found that the real estate industry heavily relies on legacy payment methods for their B2B transactions, but that is beginning to change.
Real estate firms realize that adopting modern payment solutions can help maintain and strengthen their relationships with vendors and suppliers, according to “Corporate Changes in B2B Payment Practices: The Future of Real-Time Payments in Real Estate,” a PYMNTS and The Clearing House collaboration.
In another collaboration, Cross River Bank teamed up with American Express in October 2022 to allow Cross River to issue credit cards on behalf of FinTechs on American Express’ network.
This collaboration allows FinTechs to get a seamless experience when issuing with Cross River and to access select benefits from American Express.
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