Bank Shot Secures Patent: Best in Class Technology for Functionality, Cybersecurity and Compliance
Emerging technology leader Bank Shot has received its patent today, US Patent No. 10,607,209, for their digitized mobile App (iPhone and Android), and continues to change the way realtors and title companies transfer earnest money and other mobile payments.
Bank Shot enables users to successfully complete real estate transactions via their smart phone, including earnest money and rental house deposits, real estate commissions and more, all with a simple click of a button.
Our cyber secure process confirms Check 21 standards, and is encrypted, two-factor authenticated, and rests on Amazon’s Cloud. Check images are deleted automatically from the app, and not stored on any installed picture app. Bank Shot eliminates the time and cost of physically transporting checks, and with real estate-based fraud currently at an all-time high, it serves as the cyber secure solution for any digital payment.
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This recently patented process enables the user account holder to maintain control of the check, therefore it is not an automatic deposit. Bank Shot is the only electronic check solution that enables the account holder to review each check prior to depositing, with its stop light process of depositing on green, holding on orange and rejecting checks on red, the latter being the equivalent of a check torn up or never presented. This assures that no transaction takes place until the account holder decides to move forward with the deposit. Our portal enables the user to deposit into any number of accounts in one bank or in multiple banks. Bank Shot was specifically designed not to adhere to the antiquated ACH process and instead takes place digitally through this revolutionary, patented portal.
Bank Shot Founders and Co-Developers Bernardine W. Drake and Glenn Drake have filled a specialized niche with their technology breakthrough, enabling title companies, banks and realtors to provide customers with a competitive advantage in their respective industries. Simple, convenient and fully compliant, Bank Shot is the secure mobile App that provides confirmation of the transaction immediately.
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“Interest in Bank Shot has exploded in the past year,” says Glenn Drake. “We are thrilled to have been awarded a patent for our technology. Bank Shot fills a void for the real estate and title industry, and we’ve carefully developed this with the highest level of compliance and security. As a 30-year Real Estate veteran, we understood the problems with the standard ACH transaction, and our mobile solution enables the user to control the check process and provides enhanced backend efficiency, compliance, security and ease.”
“Bank Shot clients have a white label option for entities who choose to integrate our App seamlessly within their own company logo or platform. In digitizing the mobile solution, we give our clients a competitive advantage in their market to increase business, enhance their compliance, and simplify the process,” says Bernie Drake “It was imperative we built a product that allows the account holder to control and monitor the entire digital process start to finish.”
The real estate industry was an early adopter of technology, however one area that was inferior was the paper check, until Bank Shot introduced its exclusive technology. Checks are the central component to every real estate contract from beginning to end, has pioneered a patented, mobile solution that moves earnest money checks and commission checks quickly and securely.
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