4 Time-Saving Measures to Implement For Wire Transactions

After the contracts are signed, the due diligence completed, and the escrow terms finalized, all attention turns to the wire transfer.

Although many wire transactions run smoothly, there can still be hiccups in the process. Fortunately, with preparation and the right tools, you can help your customers not only avoid these hiccups during their real estate transactions, but also implement processes to make their experiences more efficient. 

Don’t believe us? Here are four of our most impactful time-saving measures to implement for your wire transactions:

1. Take it digital.

It used to be that parties in a wire transfer would have to make at least one trip to their real estate attorney or escrow office to facilitate the transaction, hopefully bringing in the right paperwork and documentation.

Fortunately, technology that enables secure, encrypted, and real-time interactions can also facilitate the collection and management of the data needed to perform a wire transfer.

‍Put these advances to work for your business to prevent duplicate data collection and entry, decrease the amount of work on everyone’s plates, and reduce the back-and-forth between your office and the parties in the transaction.

‍2. Integrate it into your workflow.

Usually, implementing new technology is time-consuming and introduces drastic changes to your workflow.

However, modern wire transfer technology—like CertifID—can integrate directly into real estate, closing, and title servicing software like SoftPro 360, ResWare, and RamQuest, making collecting and facilitating wire transfers easy. Once the data is collected, the CertifID integration can deliver that data to the title production software (TPS) and then can subsequently be moved to the treasury portal for processing.

Plus, CertifID gives your organization the ability to personalize the forms and communications used in the wire transfer data collection process, allowing for consistent messaging, branding, and familiarity.‍

3. Validate the data.

Some banks require certain lead times, specific pieces of data, or extra approvals for a wire transfer to be completed. 

It's essential to ask for these requirements in advance to order funds on time and avoid missing data. Just one piece of incorrect data—whether it is bank information, a name, or an address—can cause everything to screech to a stop.

Utilize a wire transfer platform that allows data to be entered digitally and validated to catch missing information early.

‍4. Keep security at the forefront.

‍Would-be criminals are constantly looking for slip-ups, oversights, and mistakes to find their way into a wire transaction, disrupt it, and score a big pay-off.

Although it requires an upfront investment of time and energy, implementing safety standards for the software, hardware, procedures, and training your organization uses will be well worth the money and time. You will have the peace of mind of knowing that you are keeping your customers and their funds safe.

‍Take the next step‍

Nowadays, customers expect quick response times, high availability, and digital tools to facilitate all sorts of transactions, making it difficult to find a balance between security and efficiency. This can be especially true when it comes to wire transactions during a real estate closing.

However, with preparation and tools like CertifID, you can maintain the security your customers expect and deliver the level of service they deserve, without changing your workflow.

Ready to see firsthand just how well CertifID blends security and usability into one platform? Then click here to request a free, customized demonstration.