Basefund Secure Closings provides a shared, secure workflow for coordinating the participants, closing details, approvals, receiving accounts, and disbursements associated with a closing.
Use Secure Closings when multiple organizations must work toward a defined closing date and funds will be distributed to one or more recipients as part of the closing event.
Secure Closings vs. Secure Transactions
Basefund offers two workflows for different types of fund movement:
| Secure Closings | Secure Transactions |
Best for | Multi-participant disbursements coordinated for a set closing date | One-time, ongoing, and internal disbursements |
Common uses | Municipal bond closings and other coordinated funding events | Debt service, construction draws, vendor and contractor disbursements, trustee disbursements, distributions, requisitions, escrow releases, and transfers |
Primary purpose | Coordinate the full closing and its related disbursements | Protect individual or recurring disbursements |
Available types | Closing | One-Time, Ongoing, and Transfer |
Pricing | Per closing | Annual subscription |
Choose Secure Closings when the disbursements are part of a coordinated event with a defined closing date.
Choose Secure Transactions when the disbursement occurs outside a closing or after the original closing has been completed.
Both Secure Closings and Secure Transactions can contain one or more Flows. A Flow represents one connected path of funds and groups the applicable senders, clearers, receivers, receipts, and disbursements. Use multiple Flows when distinct funding paths or groups of disbursements should be managed separately within the same closing or transaction.
When to Use a Secure Closing
A Secure Closing is generally the right choice when:
The transaction has a defined closing date
Multiple organizations or participants are involved
The closing includes one or more disbursements
A coordinator needs visibility across the entire closing
Required individuals must complete identity verification, and receiving bank accounts must be validated, before the applicable disbursements can qualify for Basefund transaction insurance
Closing details, approvals, or signatures must be documented
A closing memo is required
Common participants may include:
Issuers
Municipal advisors
Underwriters
Bond counsel
Trustees or paying agents
Banks
Fund recipients
Other professionals involved in the closing
Information Included in a Secure Closing
When creating a Secure Closing, the Closing Coordinator defines the basic closing information, including:
Prepared By: The organization preparing and coordinating the closing
On Behalf Of: The organization for which the closing is being prepared
Transaction Name: The name used to identify the closing
Transaction Date: The expected closing date
Par Amount: The total par amount, when applicable
Total Proceeds: The total amount expected to be disbursed
Closing Details: Instructions and other information participants need to understand the closing
Memo Template: The template used to generate the closing memo
The Closing Coordinator can also choose to:
Capture participant e-signatures on each disbursement
Request approval signatures on the closing memo
Roles in a Secure Closing
Closing Coordinator
The Closing Coordinator creates and manages the closing. Depending on the organization’s workflow, the coordinator may:
Enter the closing details
Invite participating organizations
Assign roles and permissions
Add and manage disbursements
Monitor identity verification
Track bank-account validation
Collect required signatures and approvals
Monitor progress toward the closing date
Participants
Participants are the individuals and organizations involved in the closing. Their access and responsibilities depend on the role assigned by the Closing Coordinator.
Participants may be asked to:
Join the closing
Verify their identity
Review closing information
Provide or confirm receiving-account information
Review assigned disbursements
Sign a disbursement or closing memo
Complete other assigned closing actions
How Secure Closings Work
From My Transactions, select Add Transaction.
Choose Secure Closing.
Enter the closing name, date, par amount, total proceeds, and other required information.
Add the closing details and select a memo template.
Choose whether signatures should be captured for individual disbursements, the closing memo, or both.
Invite the participating organizations and assign their roles.
Add the closing’s disbursements and recipients.
Complete the required identity-verification and bank-account-validation steps.
Review the closing memo, disbursement details, approvals, and applicable insurance coverage.
Complete the closing using the verified disbursement instructions.
Retain the completed closing record for future reference and auditing.
How Basefund Protects a Closing
Identity Verification
Basefund verifies the individuals involved in the closing before they can complete sensitive actions.
Bank-Account Validation
Receiving accounts are validated before funds move, helping confirm that each account belongs to the intended recipient.
Controlled Access
Roles and permissions determine what each participant can view and do within the closing.
Transaction-Specific Insurance
Basefund transaction insurance is tied to the specific participants, receiving account, and amount associated with a disbursement. The required identity verification and bank-account validation must both be complete before the disbursement can qualify for coverage.
E-Signatures and Approvals
The Closing Coordinator can collect participant signatures on individual disbursements and approval signatures on the closing memo.
Closing Record
Basefund maintains a record of the closing details, participants, disbursements, verification activity, account information, signatures, approvals, and changes made throughout the closing.
Important: Basefund does not hold, custody, or transmit funds. Funds continue to move through the established banking, trustee, or paying-agent workflow. Basefund provides the secure coordination, verification, validation, insurance, and documentation layer around the closing.
When Should I Use Secure Transactions Instead?
Use Secure Transactions if the disbursement:
Does not require a coordinated closing
Is a one-time or batch disbursement
Is part of an ongoing or recurring funding relationship
Is a transfer between accounts controlled by your organization
Occurs after the original closing has been completed
Pricing and Access
Secure Closings is priced per closing rather than through an annual subscription. There are no per-seat charges, so the Closing Coordinator can invite the participants required for the closing.
Questions about whether your transaction should be created as a Secure Closing? Contact the Basefund team.