Cross River Bank, a technology infrastructure provider offering embedded financial solutions, announced its strategic partnership with paymints.io for real estate payment transactions.
Initially launched with two payment rails, ACH (including same-day ACH), and wires, the partnership gives stakeholders unprecedented transparency and security to the entire payment process to further the mission of eliminating paper checks and reducing fraud for partners and customers, the companies said.
"As a leader in modernizing payments, we are thrilled to join forces with paymints.io to transform the real estate payment landscape," Keith Vander Leest, head of payments at Cross River, said in a 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. It’s niche B2B verticals, like real estate, that have outdated payment processes which are ripe for innovation. These verticals are where Cross River works with partners, like paymints.io, to drive better, more efficient payment experiences."
The partnership between Cross River and paymints.io allows stakeholders involved in real estate transactions - including buyers, sellers, agents, and escrow holders - to move money swiftly, conveniently, and in line with their individual preferences. By leveraging Cross River’s API technology with the paymints.io platform, this partnership offers streamlined payments, expanded payment options, and enhanced visibility—at all touchpoints, from earnest money deposits to funding and disbursements, according to leaders.
Stakeholders on the paymints.io platform can track funds in real-time and verify transactions.
“The innovation of digital payments for real estate is still in the early stages,” says Jason Doshi, CEO of paymints.io. “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.”
Cross River and paymints.io said they look forward to adding additional payment capabilities in the future for access to all payment rails within a single platform.