• paymints.io has partnered with Cross River Bank, which will facilitate a connection to The Clearing House’s RTP network.
• Through the partnership, title insurance companies and real estate brokerages can send and receive digital payments in and out of escrow accounts in real time using paymints.io’s platform.
• The RTP network will be available in addition to the payment rails that paymints.io already offers, including ACH and wire.

When it comes to real estate transactions, buyers and sellers have come to expect a slow process. But while appraisals and due diligence take time, the transfer of funds doesn’t have to. That’s why paymints.io has teamed up with Cross River Bank to help title insurance companies and real estate brokerages send and receive digital payments in and out of escrow accounts in real time.

paymints.io will leverage Cross River’s operating system, which will create a streamlined connection between Cross River and The Clearing House’s (TCH’s) RTP network, offering both businesses and consumers real-time access to funds for transactions under $1 million. By bringing in Cross River, paymints.io will not need to rely on a third-party provider for real-time money movement.

paymints.io was founded in 2020 to offer real estate companies a compliant and modern payments tool that sends funds via ACH and wire. The addition of the RTP network as a payment rail will facilitate the the receipt of money deposits, client and vendor disbursements to third parties, and account-to-account transfers between companies.

In addition to providing real estate professionals, buyers, and sellers with immediate access to funds, the company also expects the new partnership will cut down on the inefficiencies of paper checks, reduce settlement times, and mitigate wire fraud.

As paymnts.io CEO and Co-founder Jason Doshi explained, “… we view adding the RTP instant payment capability as more than the addition of a payment rail but a true evolution of our product offering. Allowing real estate industry participants to move funds instantly and securely while providing real-time visibility drastically improves the real estate transaction experience.”

Cross River and paymints.io have worked together before. The two partnered earlier this year to modernize real estate transactions with ACH and domestic wire capabilities.

“One of the most impactful benefits of our proprietary banking core is the ability to scale with our partners, allowing innovative industry leaders like paymints.io to grow and expand product offerings,” said Cross River Head of Payments Keith Vander Leest. “paymints.io is transforming financial transactions within the real estate industry and we’re proud to power their real-time payment capabilities.”

The use of TCH’s RTP has grown immensely since its launch in 2020. In the third quarter of this year, TCH reported that it facilitated 64 million transactions valued at $34 billion. With the addition of FedNow, which just surpassed 100 participating organizations, as another real-time payments option, consumer expectations will change and we will start seeing real-time payments become the rule, rather than the exception in the U.S.

Photo by RDNE Stock project

• Invstr launched Invstr Jr., a digital bank and investing account for users under the age of 18.
• When they are ready to invest, child users can send their investment proposals to the adult on the account, who can approve or decline the request.
• The new Invstr Jr. accounts cost $6.25 to $7.99 per month.

Kids want to do everything their parents do, so why not let them invest… with a little help, of course. Digital banking and investment app Invstr launched Invstr Jr. this week. Invstr Jr. is a custodial account to help users under the age of 18 learn how to earn, invest, and manage their finances.

When parents open an Invstr Jr. account for their child, they can schedule monthly deposits and set allowances for completing goals. Each account, offered by Vast Bank, features a checking and savings account, a debit card, a brokerage account with commission-free fractional investing, and a crypto account. When they are ready to invest, the child user can send investment proposals to the adult, who has the option to approve or decline the requests.

“At Invstr we believe that you’re never too young to start investing,” said Invstr CEO Kerim Derhalli. “We believe everyone can be an investor and can learn to invest in the same way that we learn to play a sport or a musical instrument. Investing is increasingly being recognized as a key life skill. We have made it fun and social for people to build experience and confidence safely and to learn good money habits.”

Invstr Jr. is also focused on bridging the financial health knowledge gap that young users face. Children can receive rewards for completing gamified learning modules in the Invstr Academy. And because many kids learn by doing, Invstr Jr. offers a Fantasy Finance game that allows users to manage a $1 million risk-free, virtual portfolio and create leagues to compete with friends. Within their league, players will see a leaderboard and statistics, and can chat or direct message other users or their adult.

Invstr Jr. accounts, which cost $6.25 to $7.99 per month, can include up to four kids and will have access to Invstr Pro. This solution offers the member tools to find the best investments and provides daily feedback on their portfolio risk and returns, their progress as an investor, and a personal Invstr Score.

The company’s new custodial investment account competes with Acorns, which offers Acorns Early at $5 per month, and with Greenlight, which offers investing tools within its account, that costs $4.99 per month.

U.K.-based Invstr was founded in 2013 to democratize finance. The company’s app has been downloaded more than one and a half million times in over 200 countries.

Photo by Julia M Cameron