DEWITT, NY, May 8, 2024 -- Community Bank N.A., a key player in the financial sector and subsidiary of Community Bank System Inc., today unveils ZEscrow, a forward-looking digital escrow management platform. This launch, in collaboration with ZSuite Tech, marks a significant enhancement in handling complex deposit flows across various industries including law firms, property management, healthcare companies, municipalities, utilities and funeral homes.
ZEscrow is tailored to streamline the management of escrow and subaccounts with high precision and transparency. It's particularly adept at ensuring compliance for client funds, tenant security deposits, patient and resident funds, municipal projects, and other specialized financial needs. The platform's robust functionality allows users from diverse sectors to efficiently manage and segregate funds, crucial for regulatory compliance and operational control.
John DeVito, Senior Vice President, Head of Treasury Management and Sales Administration at Community Bank, shared his enthusiasm about the platform: “We are thrilled to add this new service to our existing suite of products. Introducing ZEscrow will provide logistics solutions and empower our customers to manage their funds more efficiently. At Community Bank, we’re always looking for ways to make managing finances as easy as possible for our customers, and we know that ZEscrow will further enhance their banking experience.”
Echoing the sentiment, Nathan Baumeister, CEO of ZSuite Tech, commented, “Our partnership with Community Bank leverages ZEscrow's capabilities to deliver sophisticated tools for complex virtual account management, enhancing service and efficiency across diverse industries.”
About Community Bank N.A.:
Community Bank System Inc. operates more than 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont and western Massachusetts through its banking subsidiary, Community Bank N.A., and has been serving its communities for more than 155 years. With over $15.1 billion in assets, the DeWitt, New York-headquartered company is among the country’s 125 largest financial institutions. In addition to a full range of retail and business banking services, the company offers comprehensive financial planning, insurance and wealth management services through its subsidiaries/business units that include: OneGroup NY Inc., which provides risk management and commercial insurance, employee benefits and personal lines insurance; Community Bank Wealth Management, which provides investment advisory, personal trust and financial planning services, as well as personal, business and nonprofit portfolio design; and Benefit Plans Administrative Services Inc., which provides actuarial, retirement and VEBA/HRA plan administration, and collective investment fund, employee benefit trust and transfer agency services on a national scale. Community Bank System Inc. is listed on the New York Stock Exchange and the company’s stock trades under the symbol “CBU.” For more information about Community Bank, visit cbna.com or ir.communitybanksystem.com.