CertifID, the real estate industry’s only identity management platform for wire fraud prevention, today announced the addition of Accuity banking data to the company’s technology platform. With the addition of +22,000 American Bankers Association (ABA) numbers, CertifID’s users can now identify and verify 100% of the financial institutions in the U.S.
The new data will be used to automatically verify that routing numbers and ABA numbers provided to buyers and sellers in a real estate transaction are the actual numbers of the financial institution(s) associated with the deal.
The Federal Reserve does not currently require the matching of financial institutions and account holder name before funds are transferred electronically, resulting in a surge of wire fraud across the country.
“With the addition of Accuity data, we have enhanced our functionality by providing additional bank level details, said Thomas Cronkright, CEO and co-founder of CertifID. “The ability to provide clarity into the necessity of a correspondent bank, for example, allows our customers to more accurately display wire account information and securely transmit that information to their customers.”
Sarkis Akmakjian, Senior Director of Product Management for Payments Solutions at Accuity, said: “Our solutions are designed to help customers make payments safely and accurately. We are pleased to see CertifID’s innovative approach in implementing our data solutions to bring additional transparency to payments and preventing wire fraud. We are delighted to be a trusted partner as they address this significant industry challenge.”