Finance Breaking news Sterling National Bank and Cashfac ally for new escrow platform last financial news
Breaking-Finance.Com - Today, Cashfac, a global provider of back-office cash management software, and Sterling National Bank (“Sterling”), the wholly-owned operating bank subsidiary of Sterling Bancorp (NYSE: STL), announced a strategic agreement to expand Sterling’s Escrow account origination and servicing capabilities.
Breaking-Finance.Com - The partnership will deploy Cashfac’s flagship Virtual Bank Technology (VBT) platform, delivered remotely via the Cloud.Consistent with Sterling’s strategy of providing high-value, technology-enabled solutions to small and medium sized businesses, Cashfac’s VBT platform will allow Sterling to provide scalable solutions, enhance client experience through self-service, and utilize automation to reduce resource-intensive tasks for their staff. Cashfac’s partnership with Sterling will further their efforts toward building a stronger presence and reach in North America, and will offer a new set of opportunities for their cash management specialists. Once implemented, Cashfac VBT will deliver a more streamlined, efficient offering for Sterling’s clients by providing a self-service receivables management process to upload remittance advice, linking its client’s master accounts to many sub-accounts (virtual accounts). These accounts will support interest calculations, provide up-to-date statement information and allow the bank to automate the regulatory checks required for opening new Escrow accounts.
. “We are delighted to expand into the Americas in partnership with Sterling National Bank. Their passion for improving customer service levels and providing market-leading solutions excites us,” Richard Cummings, CEO at Cashfac commented. “We look forward to creating valuable offerings and experiences for our clients together.” “Cashfac provides us with a unique opportunity to leverage a world-renowned contemporary solution in the US to benefit our clients and staff in support of Sterling’s strategy of delivering a superior digital client experience,” Luis Massiani, Sterling National Bank President said. “We greatly appreciate the commitment of the Cashfac team and are eager to begin a successful and lasting relationship with our new partner.”
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