Tag Archives: RELX Group

SafeChain Collaborates with Accuity to Secure Real Estate Wire Transfers

EVANSTON, Ill. /ScoopCloud/ -- SafeChain, the industry leader in wire fraud prevention software and blockchain implementation for land title, announced today that it has integrated bank data from Accuity, the leading provider of financial crime compliance, payments and Know Your Customer (KYC) solutions, to enhance the security of real estate transactions. SafeChain's wire fraud prevention platform, SafeWire(TM), now incorporates information from the Accuity Bankers Almanac Routing and Transit Number (RTN) File, to give users greater confidence that funds are being wired to the correct account.

"As wire fraud schemes increase in both number and complexity, it is critical for title companies to authenticate and verify every aspect of the wire transaction to ensure consumers' funds are protected throughout," said SafeChain CEO and Co-founder Tony Franco. "The integration between SafeWire and Accuity, the Official Registrar of ABA Routing Numbers, provides additional peace of mind to all parties in a real estate transaction by ensuring the authenticity and accuracy of routing information and adding an additional safeguard against wire fraud."

Now, when wire instructions are sent to SafeWire, users can leverage the Accuity payments data to verify that all necessary routing information for the transaction is present and correct. In addition to SafeWire's current ABA and intermediary verification checks, the Accuity integration will make it easier for the consumer when an intermediary institution is needed to complete a wire transfer. Rather than relying on the consumer to gather the intermediary's routing information, Accuity will now collect and verify the information automatically and report it to the title company via SafeWire.

"Wire fraud in real estate transactions is one of the fastest growing cybercrimes in the United States, and the closing process, in particular, requires closer scrutiny of transactions," said Sarkis Akmakjian, Senior Director of Product Management at Accuity. "Bankers Almanac Routing and Transit Number File significantly reduces operational risk by ensuring the integrity of the payment origination data. We are pleased that SafeChain is working with us to optimize and reinforce the safety of its payments processes."

About Accuity:

Accuity offers a suite of innovative solutions for payments and compliance professionals, from comprehensive data and software that manage risk and compliance, to flexible tools that optimize payments pathways. With deep expertise and industry-leading data-enabled solutions from the Fircosoft, Bankers Almanac and NRS brands, our portfolio delivers protection for individual and organizational reputations.

Part of RELX Group, a global provider of information and analytics for professional and business customers across industries, Accuity has been delivering solutions to banks and businesses worldwide for 180 years. For more information visit: https://accuity.com.

About SafeChain:

SafeChain makes real estate transactions safer and modernizes operations for both the public and private sectors of the land title industry. Built by real estate title experts in collaboration with banking technologists, SafeChain tackles the inefficiencies of the home buying and selling process from the inside-out to help title companies, mortgage bankers, realtors and local governments decrease costs and deliver a better experience for customers. Leveraging the most advanced technologies, including blockchain, SafeChain increases the speed and security of real estate closings to deliver faster transactions and better consumer confidence. For more information visit: https://www.safechain.io.

News from SafeChain

SafeChain, the industry leader in wire fraud prevention software and blockchain implementation for land title, announced today that it has integrated bank data from Accuity, the leading provider of financial crime compliance, payments and Know Your Customer (KYC) solutions, to enhance the security of real estate transactions.

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This version of news story was published on ScoopCloud™ (ScoopCloud.com) - part of and © the Neotrope® News Network - all rights reserved.

FormFree, LexisNexis Risk Solutions Expand Alliance to Provide Liens and Judgments Data

ATHENS, Ga. /ScoopCloud/ -- FormFree(R) today announced the impending launch of AccountChek Plus(TM), a new tool for lenders that combines the features of AccountChek(R), the nation's most trusted asset verification app, with liens and civil judgments data from LexisNexis(R) Risk Solutions. By giving lenders a more complete picture of borrower ability-to-pay before loans go to underwriting, AccountChek Plus cuts costs, reduces risk and empowers better lending decisions.

Underwriters of mortgage loans and other types of financing use liens and judgments data to assess consumers' payment history and ability to pay future debts. Historically, lenders have sourced this data from consumer credit reports furnished by the nation's top credit reporting agencies, but on July 1, Equifax, Experian and TransUnion eliminated a significant portion of all liens and judgments data from their reporting.

LexisNexis RiskView(TM) Liens & Judgments Report, available to FormFree customers as part of the new AccountChek Plus service, fills the liens and judgments data gap. The report, which is Fair Credit Reporting Act (FCRA) compliant, employs industry-leading technology and hundreds of the most current data points available to ensure more than 99 percent precision in linking debts with the correct consumer.

The liens and civil judgments data is delivered along with the award-winning AccountChek asset verification report. AccountChek by FormFree is the new standard in automated asset verification and was the first such service selected for Fannie Mae's Day 1 Certainty(TM) initiative.

Secure and simple to use, AccountChek is a digital app that eliminates the hassle of gathering documents for loans by letting consumers link their online banking, retirement and investment accounts and transmit directly to their lenders the information needed to verify loan eligibility. The result is an easier, safer and more accurate process that closes loans up to 15 days faster.

"Lenders rely on liens and judgments data to limit their risk exposure and meet investor guidelines," said FormFree CEO Brent Chandler. "We are impressed with the exceptional reliability of LexisNexis RiskView report and believe lenders will find added value in accessing liens and judgments data early in the application process and bundled with a standardized asset report."

"Our research shows that consumers with liens or judgments are twice as likely to default on a loan as those with no outstanding liens or judgments," said Tim Coyle, senior director of real estate and mortgage at LexisNexis Risk Solutions. "There is no question that lenders have a business need to fill this information gap, and we are pleased to make this data available through AccountChek Plus by FormFree."

About FormFree(R):
Leading lenders trust FormFree's automated verification solutions that streamline the loan origination process and provide better intelligence on borrowers' ability to pay. FormFree's flagship app, AccountChek(R), eliminates the hassle of collecting paper statements from borrowers by using direct-access data untouched by human hands to consolidate, analyze and verify assets. AccountChek has securely delivered automated asset verification data and on-demand reports to more than 1,000 leading U.S. lenders. A HousingWire TECH100(TM) company for four consecutive years, FormFree is based in Athens, Georgia. For more information, visit http://www.formfree.com/ or follow FormFree on LinkedIn.
About LexisNexis Risk Solutions:
At LexisNexis Risk Solutions, we believe in the power of data and advanced analytics for better risk management. With more than 40 years of expertise, we are the trusted data analytics provider for organizations seeking actionable insights to manage risks and improve results while upholding the highest standards for security and privacy. Headquartered in metro Atlanta, LexisNexis Risk Solutions serves customers in more than 100 countries and is part of RELX Group, a global provider of information and analytics for professional and business customers across industries. For more information, please visit http://www.lexisnexis.com/risk.

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News from FormFree

FormFree today announced the impending launch of AccountChek Plus, a new tool for lenders that combines the features of AccountChek, the nation's most trusted asset verification app, with liens and civil judgments data from LexisNexis Risk Solutions. By giving lenders a more complete picture of borrower ability-to-pay before loans go to underwriting, AccountChek Plus cuts costs, reduces risk and empowers better lending decisions.

Related link:

This version of news story was published on ScoopCloud™ (ScoopCloud.com) - part of and © the Neotrope® News Network - all rights reserved.