Fintech company Payload announced a partnership with Premier Data Services to launch an integration with SoftPro. The integration will deliver secure ePayments for real estate closing disbursements and payouts.
At a typical real estate closing, seven to 10 parties receive various payment types and proceeds are issued through a mix of legacy check and wire payments.
“The title industry is experiencing significant digital transformation with the introduction of RON (remote online notarization), eSignature and electronic content management,” Payload Vice President of Partnerships Zach Jacob said in a release. “Yet the payment landscape remains heavily reliant on check and wire, presenting multiple inefficiencies at the most critical point of the transaction, the exchange of money.”
Wire transfers are often expensive, lack any meaningful reconciliation data and remain the primary target for payment fraud, according to Payload. Check payments also are notoriously manual and slow and can get lost or delayed due to mailing system inconsistencies.
The Payload Payouts API is designed to harness the Automated Clearing House (ACH) and Real Time Payments to send payments to any person or business. ACH transactions offer users built-in fraud protection through its inherent payment traceability and recourse features.
“The Payload API offers powerful customization capabilities that allow us to design a fully embedded user experience,” Premier Data Services Chief Technology Officer Jay Roberts said. “At a fraction of the cost of check or wire, SoftPro users can send same-day digital payments from within our system and enjoy several administrative and reporting features to automate the payment workflow from start to finish.”