Title Agencies Implement Blockchain Technology to Help Prevent Wire Fraud
February 7, 2019
Greenbriar Capital Corp., a subsidiary of RealBlock Limited, announced that two title companies will utilize its blockchain technology to provide secure platform to communicate wire instructions with real estate buyers, sellers, and other designated stakeholders during the closing process.
Landmark Title Assurance Agency and Title Security Agency of Arizona both have implemented the RealBloq.io platform at some of their branch operations. Title Security Agency, a joint venture with First American, has 18 offices throughout Arizona. Landmark Title, which is part of Title Security Agency of Arizona family of companies, operates four branches.
"Our escrow officers are very excited about the technology,” said Tommy Sullivan, CEO of Title Security Agency. “As wire fraud incidents continue to escalate, the need to secure the exchange of documents and communications between buyers, sellers and others involved in real estate transactions are more crucial than ever. It's often the biggest financial transaction of their lives, and we want to do everything we can to ensure it works as it should.”
In a release, Grenbriar set a goal of handling 60,000 orders per month through its system by February 2020.
Contact ALTA at 202-296-3671 or communications@alta.org.