California Regional MLS (CRMLS) has teamed with digital payment platform Earnnest to facilitate secure escrow transactions.
Earnnest offers a digital payment system that offers bank-level encrypted security, ensuring a higher level of safety and convenience than checks or wire transfers, according to a release. As part of the platform, earnest money payments also come with notifications, automated receipts and full tracking to reassure agents and their clients that money is moving exactly as it should.
To date, Earnnest has completed more than 600,000 transactions, with $3 billion moved digitally through its platform, all without any instances of fraud or chargebacks.
“We’re proud to be partnering with Earnnest as the exclusive digital partner of CRMLS for initial escrow deposits,” CRMLS CEO Art Carter said in a release. “With its secure payment process and seamless user experience, it gives our users tremendous value as they can now offer clients more options for time-sensitive transactions. As the first MLS in California to offer any kind of digital solution for the initial escrow deposit, CRMLS is looking forward to seeing Earnnest transform the way we handle transactions and bring a new level of ease, security, and efficiency to the process.”
Earnnest’s leader noted the collaboration with CRMLS was a major step forward for his organization.
“Partnering with CRMLS is a huge milestone in our mission to modernize real estate payments,” Earnnest President and Chief Operating Officer Russell Smith said. “By making Earnnest free and accessible to all CRMLS users, we’re eliminating friction and delivering secure, trackable transactions that empower agents, buyers, and escrow holders alike.”