Closinglock Launches New Payment Solution Powered by J.P. Morgan
August 3, 2023
Closinglock has partnered with J.P. Morgan to provide a new digital payments solution to the real estate industry.
The new payments platform enables homebuyers, sellers, lenders and agents to send earnest money, cash-to-close and any other payments quickly and safely for their real estate transactions.
According to Closinglock, funds are securely transferred to the escrow account and are compliant with good funds laws in all states. Users receive instant payment verification, can track funds in real-time and utilize Closinglock’s security throughout the entire real estate transaction.
The most common form of wire transfer fraud in real estate occurs when the homebuyer sends funds to the escrow account. Closinglock said its new payments solution helps prevent fraud in these instances because homebuyers no longer have to deal with wire instructions, account numbers or deciphering fraudulent emails.
“This payments solution is the silver bullet our industry has been looking for,” said Andy White, CEO of Closinglock. “The inbound wire fraud issue that has plagued our industry and cost homebuyers billions of dollars is finally being solved.”
The solution supports all U.S. banks and works with wire and Real-Time Payment (RTP) rails. Settlement companies receive either a wire transfer or an RTP credit depending on their bank and location.
“We’re proud to work with Closinglock on this game-changing payments solution that will help their customer base,” said Frank Medrano, managing director for J.P. Morgan Commercial Banking’s Payments Banking Group. “Payments fraud, especially in real estate, is on the rise in today’s environment, and we’re glad to provide and support a solution that’s helping solve this problem.”
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