Bank Shot Secures Patent for Earnest Money Transfer App

April 7, 2020

Technology company Bank Shot recently received a patent for its digitized mobile application (iPhone and Android) that facilitates earnest money transfers and other mobile payments.

Bank Shot enables users to complete real estate transactions via their smart phone, including earnest money and rental house deposits, real estate commissions and more.

The company’s process confirms Check 21 standards, is encrypted and two-factor authenticated and resides on Amazon’s Cloud. Check images are deleted automatically from the app, and not stored on any installed picture app, Bank Shot said in a release.  

“Interest in Bank Shot has exploded in the past year,” said Glenn Drake, co-founder and founder of Bank Shot. “Bank Shot fills a void for the real estate and title industry, and we’ve carefully developed this with the highest level of compliance and security.  We understood the problems with the standard ACH transaction, and our mobile solution enables the user to control the check process and provides enhanced backend efficiency, compliance, security and ease.”

This recently patented process enables the user account holder to maintain control of the check, therefore it is not an automatic deposit. Bank Shot’s electronic check solution enables the account holder to review each check prior to depositing, with its stop light process of depositing on green, holding on orange and rejecting checks on red. According to Bank Shot, this assures that no transaction takes place until the account holder decides to move forward with the deposit. 

“Bank Shot clients have a white label option for entities who choose to integrate our app seamlessly within their own company logo or platform,” said Bernardine Drake, Bank Shot’s other co-founder and developer. “In digitizing the mobile solution, we give our clients a competitive advantage in their market to increase business, enhance their compliance, and simplify the process.”

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