Bank automates subaccounting processes for large commercial investment portfolio, streamlines workflow with digital escrow platform
ZSuite Technologies (ZSuite Tech), a financial technology company that powers financial institutions with unbound digital accounts encompassing escrow, subaccounting, sub-ledgering, FBO and trust accounts for commercial customers, today announced it has partnered with Reading Cooperative Bank (RCB) to launch ZEscrow, the industry’s first completely digital commercial escrow solution. Additionally, the bank is providing small business customers access to ZRent, an automated rent and fee collection tool.
With more than 11 locations throughout Massachusetts, RCB, a cooperative owned by its customers, takes pride in its mission to help the people and businesses within its community realize their plans and dreams. The bank selected ZSuite Technologies as a partner to grow its commercial business, expanding into new verticals and markets without the need to add any new support resources. Additionally, RCB will be able to offer its existing clients a new, intuitive, digital platform that eliminates manual paperwork and streamlines subaccounting processes, while also adhering to applicable compliance requirements, saving the bank and its clients both time and money.
Jessica Glezellis, Vice President, Cash Management Officer of RCB, said, “Entrepreneurs and small business owners are a vital part of our community, and we are committed to helping these organizations thrive by providing tools that generate operational efficiencies, as well as drive future growth. Partnering with ZSuite Technologies enables the bank to provide much-needed digital tools and services to our commercial customer base in addition to streamlining and automating workflows across all of our branches. It is a huge value-add.”
ZSuite Technologies is a bank-born advocate for the technological and financial growth of banks, providing SaaS solutions as a unique, value-add service. Its suite of product offerings, ZRent and ZEscrow, enables financial institutions to increase low-cost, core deposits, improve the customer experience and reach clients beyond their branch footprint through online channels. These products can also decrease the labor-intensive hours of back-end work at a financial institution to support commercial escrow accounts.
Glezellis continued, “Through this partnership, we are now able to expand into new markets by offering business owners a full suite of tools beyond the traditional deposit account. Additionally, processes that conventionally were very complex and manual are now completely automated, allowing our employees to focus on more personalized and engaging service.”
“With the tools to scale up low-cost, core deposits, banks can more easily reach and serve commercial verticals that they have not previously been able to, and deliver an essential business solution to their communities,” said Nathan Baumeister, CEO of ZSuite Technologies. “Our team is excited to power Reading Cooperative Bank with the digital escrow technology to unlock a transformed subaccounting experience for its commercial clients.”
About ZSuite Tech
ZSuite Tech is a financial technology company that equips banks with digital escrow and subaccounts to attract clients in specific commercial verticals. Banks partner with ZSuite to gain low-cost core deposits, operate more efficiently, and expand their commercial portfolios.
To learn more about ZSuite Tech and how it can help your financial institution, please visit: https://www.zsuitetech.com.
About Reading Cooperative Bank
Reading Cooperative Bank is a depositor owned co-operative founded in 1886. This community-centric North Shore financial service provider has branches in Andover, Burlington, Lynn, Nahant, North Reading, Reading, and Wilmington. They also operate teaching branches at Northeast Metro Tech in Wakefield (open to the public) and at Reading Memorial High School (students and staff only), as well as an online branch at www.readingcoop.com.
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