Zoccam Partners With Fifth Third Bank
June 2, 2020
Fifth Third Bank announced a collaboration with ZOCCAM to offer its title/escrow clients the ability to receive earnest money through secure, electronic third-party delivery.
Launched nationally in 2018, ZOCCAM is a mobile app that enables a real estate agent to securely send a buyer's earnest money payment directly to a title company using mobile remote deposit capture technology.
"Companies want to do business with banks that are committed to digitalized processes," said Ashley Cook, founder and chief executive officer at ZOCCAM. "It saves them money, time and creates an overall better experience. Our customers will greatly benefit from Fifth Third’s commitment to technology."
Last year, there were at least 11,600 victims of real estate wire fraud who lost a total of nearly $221 million, according to the FBI's 2019 Internet Crime Report released in February.
"At Fifth Third, we believe in finding the best solutions for our clients and working with a company like ZOCCAM gives us the opportunity to creatively address our title and escrow clients' needs," said Matt Sargent, senior vice president and head of Wholesale Deposits and Financial Services for Fifth Third Bank. "ZOCCAM improves the speed of the process for our clients, but there are also increasing concerns about wire-transfer fraud in the real estate industry. With ZOCCAM, our clients have a secure and simple method for receiving payments and documents."
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