Qualia is stepping up its efforts against wire fraud. The closing software firm is launching Qualia Shield, a funding and disbursement product for title and escrow companies.
Qualia on Tuesday said the new product provides closing agents with the ability to securely collect and share wire instructions with buyers and sellers, and it features systems for earnest money deposit collection, automated wire matching, wire-sending integrations, wire fraud detection, and seller ID verification.
“Bad actors are continually refining their methods for wire fraud,” Charlotte Brown, the vice president of product at Qualia, said in a statement. “Existing point solutions on the market for fraud detection and EMD collection are often disconnected from existing workflows, leading to limited efficacy and increased costs. We developed Shield to combat wire fraud through a fully integrated approach, aiding title companies in offering a unified, elegant, and secure client experience.”
Additionally, Qualia Shield allows agents to integrate their client portal with banks, giving them the ability to gather digital earnest money deposits from homebuyers, as well as manage incoming and outgoing wires through an integration with their bank.
“Shield gives us more confidence in wire instructions to see that everything the seller provided is matching what we already have in the system, like their address,” Sean Batcheler, the VP of Producers Title, who was part of the Shield early access program, said in a statement. “If it doesn’t match, the system signals to our employees that they need to take extra steps to verify the wire instructions and investigate if something doesn’t look right.”
In addition to those who were part of the early access program, Qualia Shield is currently available for purchase for both Qualia Atlas and Qualia Connect customers, with a wider release expected in 2024.
