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AppBrilliance Inc., a provider of real-time payments technology, has partnered with Zoccam, a specialist in payments for the real-estate industry, to enable real-time payments for real-estate transactions.
Zoccam will use AppBrilliance’s Money API to enable real-time transfers, such as earnest-money deposits, to be sent through The Clearing House Payment Co. LLC’s Real Time Payments (RTP) network and the FedNow network. Zoccam plans to expand the service to include the sending of funds due from homebuyers at closing.
Transmitting funds through real-time networks, as opposed to sending them through a wire transfer, helps reduce the risk of wire fraud and speeds the movement of funds, Zoccam chief executive Ashley Cook says.
“These funds are often targets for wire fraud because the wiring instructions sent to the buyer can be spoofed by criminals and the money gets sent to the criminals’ account,” Cook says. “Our aim is to facilitate a more secure and seamless payment.”
In related news, Orum, a provider of application programming interfaces for real-time payments, announced its Deliver API now supports FedACH payments. It plans to add integrations for FedNow and FedWire transactions.
The Deliver API enables financial institutions to meet the criteria for a direct connection to the Federal Reserve’s payments rails, including due diligence and IT testing requirements.
“By connecting directly to the Federal Reserve Bank, we’re optimizing and orchestrating payments to deliver even faster and more reliable payments to our financial-institution customers,” Orum founder and chief executive Stephany Kirkpatrick says in a statement. “This allows us to bring unparalleled payment speed and certainty of settlement to the market.”
The launch of the Connect API follows Orum’s launch of Verify, an API that instantly verifies bank accounts by leveraging FedNow and covers 100% of all bank accounts in the United States.
The Federal Reserve launched FedNow in July. The RTP network has been in operation since 2017.
