RamQuest released a new version of its Account Verification Services, a program that allows title agents to confirm critical information before sending a wire transaction.
The update contains a redesign of the Account Verification Services user interface, which the company said will provide customers with a faster, smoother experience while maintaining its wire fraud risk prevention functionality.
This includes its wiring instruction validation to confirm the accuracy of bank and routing information, the ability to confirm authorized signatories on an account and user-friendly “traffic light” results to enhance and automate business decision processes.
“Using Verification Services was an automatic ‘yes’ for us,” RamQuest customer Richard Norris, president of Network Closing Services, Inc., said in a release. “The minimal fee per transaction to verify payoff account information is well worth the significant layer of protection gained by quickly verifying online instead of manually calling for each payoff. The results return almost immediately, and our team has also experienced a gain in efficiency as the verification automatically uploads to the file.”
According to a report from the Federal Bureau of Investigation, business email compromise is one the fastest-growing and costly internet crimes. It has the largest dollar loss by victim crime amount with an estimated $2.4 billion in adjusted losses in 2021.