AUSTIN, Texas & GRAND RAPIDS, Mich.--(BUSINESS WIRE)--CertifID, a leader in wire fraud protection for the real estate industry, announced Tuesday that it has acquired Paymints.io, a solution that enables digital money transfers by title companies, law firms, and real estate brokerages. The acquisition marks a significant step forward in CertifID’s position as the most trusted partner for the industry to secure real estate transactions.
According to the FBI, $1.9B in funds have been stolen from U.S. consumers and businesses in the past decade due to cybercrime in the real estate nexus. CertifID reports that as many as 1 in 20 home buyers and sellers become victims of fraud during a real estate closing. With the addition of digital payments via its acquisition of Paymints.io, CertifID extends the protection it provides customers in combatting cybercrime and delivering safe closing experiences for clients. The combined capabilities provide customers:
- Extended security of each transaction end-to-end. Customers gain greater control and visibility of the flow of money during a transaction with the ability to directly receive, transfer, and disburse funds. Customers further close potential risks of fraudsters employing sophisticated social engineering tactics to scam clients and other parties in a transaction.
- Extensive payment capabilities. Whether it’s receiving or disbursing funds to home buyers and sellers, paying commissions to real estate brokerages, transferring intra-company funds, managing insurance and municipality escrow payments, and more - the Paymints.io product supports a wide array of use cases to enable efficiency and flexibility, yielding consistently high customer adoption and retention.
- Consumer convenience. Paymints.io provides a white-labeled product to customers, so that title companies and law firms can integrate digital payments into their own client-facing branded resources and workflows. This simplification of the consumer experience further enables title companies and law firms to deliver a seamless closing experience for clients.
- Consolidation of tools. The combined platform will integrate best-in-class capabilities of both companies into a comprehensive unified experience across: digital payments for all real estate transaction types; secure sharing of bank credentials; identity verification that assures trust in every party from the start of a transaction; mortgage payoff verification; proactive monitoring of fraud markers and risks; proven insurance that directly protects every customer; and the industry’s only recovery services that have helped return over $80M in stolen funds to victims.
According to the Co-Founder and CEO of Paymints.io, Jason Doshi, "Joining forces with CertifID allows us to accelerate our shared vision of modernizing real estate payments while ensuring unprecedented security. Together, we're creating a new standard for how funds move through real estate transactions – one that combines convenience with security."
"The combination of CertifID and Paymints.io will be a game changer for us," said Yvonne Deardorff, President & CEO of Lakeside Title Company. "We successfully use both technologies today, and we are looking forward to now looking at them as one complete solution. The ability to verify, pay, insure, and mitigate risks from a single vendor further cements CertifID as our most trusted partner to keep our customers' funds safe."
"This acquisition represents more than just a combination of two innovative companies – it's about transforming the transparency and security of how payments are made," said Tyler Adams, CEO and Co-Founder of CertifID. "We're creating an unprecedented platform that will secure the movement of Good Funds for our customers at every step of a real estate transaction, from the moment a buyer submits their earnest money deposit until the seller's mortgage is paid off. This is the future of secure real estate transactions."
Paymints.io customers will continue to use the existing product while the features are integrated into the CertifID platform. New or existing customers can learn more at certifid.com/payments or by registering to join the virtual launch event on January 16 at 11am ET.
About CertifID
CertifID is a leader in wire fraud protection. The company safeguards billions of dollars every month from fraud with advanced software, direct insurance, and proven recovery services. Trusted by title companies, law firms, lenders, real estate agents, home buyers and sellers, and others, CertifID provides further peace of mind with up to $2M in direct coverage on every wire it protects. Learn more at: www.certifid.com.
About Paymints.io
Paymints.io is a SOC 2 Type II certified, digital payments solution focused on elevating the payment experience in real estate transactions. The platform offers a variety of payment solutions including earnest money deposit, cash to close as well as secure client and vendor disbursements. The company has been recognized as a HousingWire Tech100 and an Electronic Transactions Association Top 10 Payments ISV. For more information, visit www.paymints.io.
