Company collaborates with financial institutions to create the only completely digital commercial escrow and subaccounting system
BURLINGTON, Mass.–(BUSINESS WIRE)–ZSuite Technologies, a financial technology company offering digital tools that help businesses and individuals automate collection of recurring payments and manage security deposits, has partnered with five community banks to develop ZEscrow, a completely digital commercial escrow solution, now in beta testing. ZSuite’s work with Bank of New Hampshire, Haven Savings Bank, Kearny Bank, Leader Bank and Patriot Bank is driving digital innovation within the financial industry by introducing fintech and bank collaboration to better solve specific pain points for clients.
Conventional escrow and subaccounting processes are manual and extremely resource-intensive for everyone involved. To solve this, ZSuite is creating ZEscrow, a responsive web app for digital commercial escrow and sub-accounting. It will work for a variety of entities and organizations who need a solution that is convenient, compliant and full-featured.
“At Kearny Bank, one of our primary focuses is building and expanding our client relationships,” said Craig Montanaro, CEO of Kearny Bank. “The lack of digital escrow solutions available to banks has limited how far our relationships could extend in the past. While ZEscrow will eliminate a number of pain points, the main benefit for us is the ability to serve our clients in a new way. We are thrilled to be working with ZSuite and the other community banks to construct this innovative product built by banks, for banks.”
ZEscrow is being designed with financial institutions in mind. Implementation will be simplified, with a minimal need for resources, and it will come with built-in configurations to facilitate compliance with regional and local laws. The product will be secure and come with tier-one support for all users, including transaction processing, ID verification, staff training, marketing resources and a dedicated support representative for every institution.
“ZSuite is developing the only completely digital commercial escrow product because the banks we have partnered with are tired of waiting on other third-party vendors,” said Nathan Baumeister, CEO of ZSuite. “Our company was born from a bank, which made the decision to partner with other banks an easy choice. By working with our development team on a solution to meet each bank’s needs, ZSuite is shaping an innovative tool that will transform the age-old escrow process. ZEscrow will take commercial escrow digital, and it won’t go back.”
An advocate for the technological and financial growth of banks and credit unions, ZSuite offers SaaS solutions as a unique, value-add service. Its current product offerings, ZRent and ZDeposit, help drive business results by making day-to-day payment and deposit collection easier, faster and more compliant. Serving the underserved and unknown niche markets within its already present customer base, these all-digital solutions are exclusively available to banks and credit unions with the capability of individualized customization. ZRent and ZDeposit enable financial institutions to increase low-cost, core deposits, improve the customer experience and reach clients beyond their branch footprint through online channels.
About ZSuite Technologies
ZSuite Technologies is a financial technology company that aims to power community financial institutions with digital escrow products for specific commercial verticals that can be offered to their clients. ZSuite’s products, ZRent, ZDeposit and ZEscrow, streamline collection of recurring payments and automate the management and compliance around multi-use escrow subaccounting processes.
To learn more about ZSuite Technologies and how it can help your financial institution, please visit: https://www.zsuitetech.com.