SafeChain has integrated data from Accuity into its platform to give users greater confidence that funds are being wired to the correct account, the companies announced.
The integrated data includes information from the Accuity Bankers Almanac (ABA) Routing and Transit Number File.
“As wire fraud schemes increase in both number and complexity, it is critical for title companies to authenticate and verify every aspect of the wire transaction to ensure consumers’ funds are protected throughout,” SafeChain co-founder and CEO Tony Franco said in a release. “The integration between SafeWire and Accuity, the official registrar of ABA routing numbers, provides additional peace of mind to all parties in a real estate transaction by ensuring the authenticity and accuracy of routing information and adding an additional safeguard against wire fraud.”
The integration will make it easier for consumers when an intermediary institution is needed to complete a wire transfer. Rather than relying on the consumer to gather the intermediary’s routing information, Accuity will collect and verify the information automatically and report it to the title company via SafeWire.
“Wire fraud in real estate transactions is one of the fastest growing cybercrimes in the United States, and the closing process, in particular, requires closer scrutiny of transactions,” Accuity Senior Director of Product Management Sarkis Akmakjian said. “Bankers Almanac Routing and Transit Number File significantly reduces operational risk by ensuring the integrity of the payment origination data. We are pleased that SafeChain is working with us to optimize and reinforce the safety of its payments processes.”