The 5-year-old financial app continues its growth with a new white label version for real estate brokerages and title companies.

Have suggestions for products that you’d like to see reviewed by our real estate technology expert? Email Craig Rowe.

Bank Shot, which boasts one of the most clever names ever devised for a financial app, has been busy since Inman’s initial review three years ago.

The app was developed to electronically deposit earnest money checks, security deposits for renters, commissions and other forms of cash needed to close and streamline real estate deals. Bank Shot gives agents another solution to mitigate the delays and risk of carrying paper checks from transaction meetings to banks or elsewhere.

Initially deemed somewhat clunky from a user interface (UI) perspective, Bank Shot nonetheless succeeded in its purpose. In essence, it was doing years ago what many major banks are doing now. Moreover, Bank Shot beat Modus, a new digital deposit app by half a decade.

Bank Shot’s developers have somewhat altered their direction by pushing their pitch at title companies and their trust accounts, which are frequently the target and subject of wire fraud.

Naturally, the need to reduce the risk of real estate-based fraud is at an all-time high, as it occurs to the tune of hundreds of millions of dollars every year.

Title companies can see checks immediately land in escrow accounts with all stakeholder and property data intact.

Still, real estate agents have many reasons to consider an app like Bank Shot too, such as paying broker fees and referrals.

Bank Shot’s product is more secure than the banking industry’s, claims Bank Shot Co-founder Glenn Drake in an email to Inman.

“It is more compliant, functional, convenient for agents and customers and has the cyber secure protocols matching and exceeding the banking and remote check industries,” Drake said.

The patent-pending Bank Shot is a one-way, deposit-only channel for funds transfer, and it allows for account managers to review, hold, refuse or deposit funds. Accepted monies can be made available the next day.

The process is encrypted, two-factor authenticated, and rests on Amazon’s Cloud. Accepted checks are run through Deluxe to confirm Check 21 standards, which is a federally-backed process for digitally duplicating paper checks. This eliminates the time spent physically transporting checks to financial institutions.

Check images are deleted automatically from the app, and not stored on any installed picture app.

Bank Shot’s new version allows for white labeling. This means that brokerages can brand the app as a marketing and transaction management solution. Additionally, checks can be deposited into multiple accounts across a number of banks.

Available for iOS and Android, this is a smart, practical app that agents would be wise to consider branding under their transaction management tech stack.

Have a technology product you would like to discuss? Email Craig Rowe

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
TODAY ONLY: Lock in a full year of monthly digital events to keep you at the top of your game.Register now×
Cyber Week Sale: Get 1 year of Inman Select for $75.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription