White-label software-as-a-service platform Paymints.io is integrating with national online notarization platform Notarize, according to an announcement made on Monday.
Title and closing firms use Paymints.io to collect earnest money as well as transfer and disburse funds for real estate transactions. By integrating with Notarize, Paymints.io subscribers and their customers will be able to see if a transaction is eligible for a digital closing, including online notarization, from within the Paymints.io platform.
“When looking at integrations, we look to position ourselves with innovative platforms and market leaders, like Notarize, who work tirelessly to improve customer experience, security, and digitalization of the real estate process,” Perla Aparicio, the VP of strategic partnerships at Paymints.io, said in a statement.
According to the press release, if eligible, users will be able to initiate a digital closing transaction through Paymints.io to Notarize without needing to re-enter information. The firm claims that this will streamline the closing process, saving users time and reducing the risk for errors than can be caused by having to manually enter information into multiple platforms.
“Our seamless integration allows customers to decrease costs, improve operational efficiency, eliminate errors, and reduce time to close, resulting in an improved user and signer experience,” Terri Davis, the GM of real estate at Notarize, said in a statement.
Paymints.io claims that by using its platform, users eliminate the need for paper checks and mitigate the risks involved in paper-based transactions. A recent return on investment study from Marketwise eClose found that digital closings can save title agents and their customers up to $100 and 104 minutes per transaction and reduce errors by 31%.
Are digital closings really worth it?
Many lenders are familiar with digital closings (eClosings), but they might not know just how valuable they can be to their business. A recent study found that digital closings shorten the time it takes to close, reduce errors and increase ROI — all while improving customer experience.
Presented by: Notarize
Earlier in the day, Notarize announced that it had hired Kartik Ramachandran as its fist chief financial officer. Ramachandran joins the company after holding CFO and executive positions at companies including Splunk, Groupon, Activision Blizzard and Home, and will be responsible for guiding the company’s investments to further accelerate high-growth, innovative initiatives across the business.
The appointment follows Notarizes recent $130 million Series D fundraise led by Canapi Ventures and multiple years of triple-digit growth. Notarize has now raised $213.3 million through nine funding rounds since its founding in May 2015.
