Payment and compliance solution developer Accuity has partnered with SafeChain to bolster real estate transaction security.
Safechain, which designs wire fraud prevention and land title software, will integrate bank data from Accuity in order to enhance its transaction security efforts.
Going forward, the SafeWireTM solution will now incorporate information from the Accuity Bankers Almanac Routing and Transit Number (RTN) File, giving users greater confidence that funds are being wired to the correct account.
By encompassing this data, when wire instructions are sent to SafeWire users will be able to leverage Accuity payments data to verify all routing information of the transaction is present and correct.
Working in line with SafeWire’s existing ABA and intermediary verification checks, consumers will have an easy and secure method for wire transfers when an intermediary institution is needed. Instead of needing to rely on the consumer to gather the intermediary’s routing information, Accuity will be automatically collate this and report it to the title company via SafeWire.
SafeChain CEO and co-founder Tony Franco said, “As wire fraud schemes increase in both number and complexity, it is critical for title companies to authenticate and verify every aspect of the wire transaction to ensure consumers’ funds are protected throughout.
“The integration between SafeWire and Accuity, the Official Registrar of ABA Routing Numbers, provides additional peace of mind to all parties in a real estate transaction by ensuring the authenticity and accuracy of routing information and adding an additional safeguard against wire fraud.”
Earlier in the year, Accuity formed a deal with DEGIRO to automate customer account screening.
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