Paymints.io has launched MuniPay, an enhancement to its proprietary disbursement engine that it says will simplify payments from title agencies to municipalities. MuniPay was designed to meet the specific needs of the municipalities when accepting property tax, water, sewer, and other utility payments.
“We’re extremely proud of this enhancement not only because it’s another giant leap forward in our mission to eliminate paper checks and reduce wire fraud in a real estate transaction, but it’s our first step into government operations rooting ourselves to better serve our communities,” said CEO and co-founder Jason Doshi.
The payments are made via the Automated Clearing House (ACH) network and municipalities will receive each individual payment as an ACH credit directly into its operating account. The municipality will also receive a daily remittance file detailing the day’s payment activity which can be easily uploaded into its reconciliation software.
The company says this tool will replace the antiquated way of printing a check and then typing out a cover letter detailing the property owner name, property address, block, lot, beneficiary, and pay period with a portal that transfers funds directly from the settlement agent’s escrow account to the municipality’s operating account.