ClosingLock has integrated Plaid’s bank account verification services into its platform, the company announced.
The company said the integration enables closing companies to authenticate their clients’ bank account credentials in real time. It said not only are routing and account numbers verified, but also names, phone numbers, addresses and emails for account owners.
“ClosingLock is thrilled to integrate with Plaid, one of financial technology’s most cutting-edge and forward-thinking companies,” ClosingLock CEO Andy White said in a release.
In 2018, ClosingLock (formerly BuyerDocs) protected more than $6.3 billion in real estate wire transfers in all 50 states and in 28 countries.
“The closing company’s ability to authenticate ownership of a bank account, including the names on the account, is a huge step toward eliminating wire fraud,” White said. “The simplicity of utilizing Plaid from the user perspective fits perfectly with our existing frictionless solution.”