ClosingLock Offers Bank Account Verification, Integrates With Plaid
October 31, 2019
ClosingLock announced it now offers bank account verification for its clients through an integration with Plaid, which builds applications with direct connections to users’ bank accounts.
This verification allows closing companies to authenticate their clients’ bank account credentials in real time. Not only are routing and account numbers confirmed, but the name(s), phone number(s), address(es), and email(s) for the account owner(s) are verified through this integration.
“ClosingLock is thrilled to integrate with Plaid, one of financial technology’s most cutting-edge and forward-thinking companies,” said ClosingLock CEO Andy White.
In 2018, ClosingLock (under the BuyerDocs name) protected more than $6.3 billion in real estate wire transfers while being used in all 50 states and in 28 countries worldwide.
“The closing company’s ability to authenticate ownership of a bank account, including the names on the account, is a huge step toward eliminating wire fraud,” White said. “The simplicity of utilizing Plaid from the user perspective fits perfectly with our existing frictionless solution.”
ClosingLock already provides email and phone authentication. Implementing bank account authentication now adds a third factor of authentication. The company’s three-step multifactor authentication (MFA) solution provides real estate transactions with robust security without adding friction to the process.
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