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ZOCCAM, a real estate payment technology innovator, has partnered with U.S. Bank and Stewart Title to launch a significant advancement in the home buying closing process: the first Request for Payment (RfP) use case.
This new integration allows homebuyers working with Stewart Title to securely complete their deposit, such as escrow funds, directly within the ZOCCAM app. The key innovation here is the use of RfP, which enables buyers to transfer “irrevocable good funds” to Stewart Title’s escrow account.
Here’s how it improves the process:
* Speed and Availability: The process is fast and available 24/7, a stark contrast to the limitations of traditional methods like checks, wire transfers, and ACH.
* Security: RfP facilitates secure and irrevocable fund transfers, enhancing trust and reducing fraud risk. Unlike traditional methods where funds are “pulled,” RfP operates on a “push payment model” where the payer explicitly authorizes each transaction, giving them more control and security.
* Real-time Confirmation: Users receive immediate confirmation within the ZOCCAM app, providing transparency and peace of mind to all parties involved. This eliminates the waiting periods and uncertainties associated with older payment methods.
* Efficiency: By streamlining the deposit process, ZOCCAM’s RfP solution aims to reduce manual tasks, minimize errors, and accelerate the overall home closing timeline.
This collaboration highlights a move towards more digital, secure, and efficient payment solutions in the real estate industry, leveraging real-time payment networks to enhance the home buying experience.

Video courtesy of Eurex

Video courtesy of Eurex