CINCINNATI—Fifth Third Bank, National Association, announced today that it is collaborating with ZOCCAM® to offer its title/escrow clients the ability to receive earnest money through secure, electronic third-party delivery.
Launched nationally in 2018, ZOCCAM is a mobile app that enables a real estate agent to securely send a buyer's earnest money payment directly to a title company using mobile remote deposit capture technology. Fifth Third's collaboration with the company is another example of the Bank’s digital innovation strategy to create efficiencies for its clients.
"At Fifth Third, we believe in finding the best solutions for our clients and working with a company like ZOCCAM gives us the opportunity to creatively address our title and escrow clients' needs," said Matt Sargent, senior vice president and head of Wholesale Deposits and Financial Services for Fifth Third Bank. "ZOCCAM improves the speed of the process for our clients, but there are also increasing concerns about wire-transfer fraud in the real estate industry. With ZOCCAM, our clients have a secure and simple method for receiving payments and documents."
Last year, there were at least 11,600 victims of real estate wire fraud who lost a total of nearly $221 million, according to the FBI's 2019 Internet Crime Report released in February.
"Companies want to do business with banks that are committed to digitalized processes," said Ashley Cook, founder and Chief Executive Officer at ZOCCAM. "It saves them money, time and creates an overall better experience. Our customers will greatly benefit from Fifth Third’s commitment to technology."
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2020, Fifth Third had $185 billion in assets and operated 1,123 full-service banking centers and 2,464 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2020, had $374 billion in assets under care, of which it managed $42 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.