Closinglock Announces New Payment Solution Powered by J.P. Morgan
Closinglock’s new payment solution solves real estate wire fraud and creates faster payments for its customer base
AUSTIN, Texas–(BUSINESS WIRE)–#closinglock–Closinglock, a leading provider of wire fraud prevention and fintech solutions for the real estate industry, is working with J.P. Morgan to provide a new, innovative digital payments offering to the real estate industry it serves. The new payments platform that’s powered by J.P. Morgan enables homebuyers, sellers, lenders and agents to move money quickly and safely for their real estate transactions.
The new payments solution enables earnest money, cash-to-close and any other payments to transfer within minutes. The 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 leading 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’s 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, Ph.D. and 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.
White said, “We are thrilled to work with J.P. Morgan because of their massive scale and tech-forward capabilities. They’ve been excellent to collaborate with in helping us create this revolutionary system.”
“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.”
About Closinglock
Closinglock is a leading provider of digital payment and fraud prevention solutions for the real estate industry. Closinglock’s platform protects real estate payments, payoffs, and all related communications with strict security protocols and offers seamless integrations with closing and title company software. The company currently protects billions of dollars each month with its software, and is trusted by thousands of settlement companies, title agents, law firms, attorneys, lenders, real estate agents, home buyers and sellers and others. Learn more at closinglock.com.
Contacts
Abigail White
VP of Communications
(512) 270-3917
[email protected]
