Real estate technology company Doma Holdings, Inc. partnered with digital payment software-as-a-service platform paymints.io, the company announced last week.
Title and closing firms use paymints.io to allow homebuyers deposit their earnest money digitally and directly from their checking account.
The aim of the partnership is to reduce the risk of wire fraud by adding paymints.io to Doma’s AgentMarketplace vendor partnership program. Paymints.io’s services will now be available to Doma’s independent and affiliated title agent and attorney customers.
In a 2022 survey by the American Land Title Association, 46% of respondents said their employees receive a minimum of one fraudulent email each month.
Doma, which uses machine intelligence and proprietary technology solutions, partners with service providers through the AgentMarketplace program. These providers help title insurance professionals receive the tools to “stay compliant, reduce costs and inefficiencies and grow their business,” according to a statement.
Doma Academy also provides resources like webinars and training to prevent wire fraud.
“Doma is eager to introduce paymints.io to our title agent and attorney customers, who are seeking tools to save time and money and compete in today’s challenging market,” said Emilio Fernandez, president of Doma Title Insurance, Inc.
The company’s CloseWatch Reward program gives its title and escrow professionals $500 when they detect and prevent fraud during closing transactions, and has prevented the loss of more than $40 million to date.
paymints.io allows users to use single sign-on authentication and requires one set of credentials to access their applications.
“As we further enter the digital transformation of the real estate transaction, we’re excited to partner with Doma, whose mission of building an instant and frictionless home closing experience aligns harmoniously with our efforts to automate the payment experience,” said Perla Aparicio, Vice President of Strategic Partnerships at paymints.io.
paymints.io integrated with Notarize in April 2022 and with First American Title Insurance Company’s PRISM in September 2022.