Company collaborated with five community financial institutions to create the only completely digital commercial escrow and subaccounting system
BURLINGTON, Mass.–(BUSINESS WIRE)–ZSuite Technologies, 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, announced today the launch of ZEscrow. This new product is the only completely digital commercial escrow solution.
ZEscrow is a responsive web app for digital commercial escrow and sub-accounting. It is available to a variety of entities and organizations that need a solution that is convenient, compliant and full featured. Implementation is simple, with a minimal need for resources, and the product includes built-in configurations to facilitate compliance with regional and local laws. ZEscrow is secure and provides support for all users, including transaction processing, ID verification, staff training, marketing resources and dedicated support representatives for every institution.
“Financial institutions that manage escrow and other subaccounts face a number of complications when holding these funds for their clients,” said Nathan Baumeister, CEO of ZSuite. “Conventional escrow and sub-accounting processes are manual and extremely resource-intensive for everyone involved. The businesses world desperately needed a digital solution – so we built one.”
With community financial institutions in mind, ZSuite developed ZEscrow with a team of five forward-thinking banks. The company’s work with Bank of New Hampshire, Haven Savings Bank, Kearny Bank, Leader Bank and Patriot Bank drove digital innovation within the financial industry by introducing fintech and bank collaboration to better solve specific pain points for clients.
“As Bank of New Hampshire expanded into municipal banking, we realized there was not one suitable product on the market that had all of the products and services municipalities want, including an escrow solution,” said James Hayes, Bank of New Hampshire’s Vice President of Corporate Cash Management. “While we have remained a technology forward organization, we were somewhat limited in our escrow management offerings and in how far our customer relationships could extend.”
“Through our work with ZSuite and the development team, we were able to take a collaborative approach to innovation and technology. Not only are we community banks, but now we’re a community of community banks because we worked together to build a solution that benefits us all, ZEscrow,” Hayes added.
An advocate for the technological and financial growth of banks and credit unions, ZSuite offers SaaS solutions as a unique, value-add service. Its suite of product offerings, ZRent, ZDeposit and ZEscrow, enable financial institutions to increase low-cost, core deposits, improve the customer experience and reach clients beyond their branch footprint through online channels. 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.
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.
Contacts
Megan McKinstry
[email protected]
678.781.7237
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