Sterling National Bank Goes Live with Cashfac’s Escrow Account Platform
21 Ottobre 2021 - 2:45PM
Sterling National Bank (“Sterling”), the wholly-owned
operating bank subsidiary of Sterling Bancorp (NYSE: STL) and
Cashfac, a leading global financial technology company specialising
in operational cash management, are pleased to announce
that Sterling has moved into production with their new
Virtual Account Manager, delivered through
Cashfac’s Software as a Service based
Escrow Accounts
platform.
This launch delivers a cloud based, fully
supported solution enabling Sterling to provide customers with
enhanced self-service options via Cashfac’s Virtual Account Manager
platform. Sterling’s customers can now create and manage their own
escrow accounts, streamline their receivables process and reduce
processing delays and operational inefficiencies. By leveraging a
self-service approach, Sterling is further automating its
back-office, simplifying its operations, and eliminating many of
the inefficiencies of a DDA based solution.
Richard Cummings, CEO at Cashfac commented: “We
are delighted that Sterling National Bank’s new Virtual Account
Manager solution is now live. Our collaborative partnership
demonstrates that despite the challenging operating environment,
banks are continuing to partner with Fintechs to deliver
innovation, improve customer service and reduce operational
processes with minimum disruption. We look forward to continuing to
support Sterling’s strategy of delivering a superior digital
experience for their customers.”
Mike LaCava, Senior Managing Director Enterprise
Product Management at Sterling National Bank, added: “We are very
pleased with the results that were achieved with our pilot clients
and are excited to offer our Virtual Account Manager to a broader
audience. The digital and self-service benefits have been very well
received and are already providing great value to our clients and
to the bank. Our relationship with Cashfac has been a true
partnership working jointly to deliver on this successful product
offering.”
About CashfacCashfac is a
global leader in bank-to-corporate cash management solutions for
financial institutions, businesses and public sector organisations.
Delivered direct-to-customer and distributed globally via our bank
partners, Cashfac’s Virtual Bank Technology (VBT) is one of the
world’s most deployed Virtual Account solutions. It is relied upon
by hundreds of major banks, financial institutions, corporate and
public-sector organisations to improve productivity and provide
greater visibility, automation and control over critical cash
management processes. Cashfac is ISO 27001 certified and is a
registered Account Information Service (AIS) and Payment Initiation
Service (PIS) provider, authorised and regulated by the Financial
Conduct Authority, registration number 805666. For more
information, visit www.cashfac.com.
About Sterling National
BankSterling National Bank specializes in the delivery of
financial services and solutions for small to mid-size businesses
and consumers within the communities we serve through a distinctive
team-based delivery approach utilizing highly experienced, fully
dedicated relationship managers. Sterling National Bank offers a
complete line of commercial, business, and consumer banking
products and services. For more information,
visit www.snb.com.
Sterling BancorpEmlen Harmon, Senior
Managing Director – Investor
Relations212.309.7646
Sterling BancorpTwo Blue Hill Plaza, Second FloorPearl River, NY
10965
T 845.369.8040F 845.369.8255
http://www.sterlingbancorp.com
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