Paymints.io launched MuniPay, an enhancement to its proprietary disbursement engine, to simplify payments from title agencies to municipalities.
The company said MuniPay saves time and resources for municipalities when accepting property tax and other utility payments. It was designed to meet the specific needs of the municipalities when accepting property tax, water, sewer, and other utility payments. Payments are made via the Automated Clearing House (ACH) network.
“We’re extremely proud of this enhancement not only because it’s another giant leap forward in our mission to eliminate paper checks and reduce wire fraud in a real estate transaction, but it’s our first step into government operations rooting ourselves to better serve our communities,” Paymints.io CEO and co-founder Jason Doshi said in a release.
With the enhancement, the antiquated way of printing a check and then typing out a cover letter detailing the property owner’s name, property address, block, lot, beneficiary, and pay period is replaced by a secure portal that transfers funds directly from the settlement agent’s escrow account to the municipality’s operating account.
Paymints.io will continue to beta test the MuniPay platform through the end of the year with the goal of adding another 100 municipalities by the end of 2022. Planned future enhancements will allow municipalities to refund and return payments to title agencies for property tax payments already made by the loan servicer or previous owner.