WESTWOOD, Mass.--(BUSINESS WIRE)--ZSuite Tech, a leading financial technology company, is thrilled to announce that 12 out of the 17 banks that contracted with them in the first quarter of 2023 have successfully launched their flagship product, ZEscrow. In total ZSuite has launched ZEscrow to 25 institutions so far this year. ZSuite's innovative digital escrow banking solution and subaccounting tools have already made a significant impact on the banking industry, facilitating commercial deposit growth for 65 financial institutions who have presence in 31 states across the country.
Escrow provides banks with user-friendly digital tools that streamline and automate the commercial escrow and subaccounting processes. This advanced technology empowers banks to manage any type of three-party account or sub-ledgering, while enhancing their service offerings and delivering seamless experiences for their customers. With ZEscrow, banks can revolutionize the way they manage and grow their commercial deposits. The banks who use ZEscrow are managing $560MM with the platform as of Q1, and on pace to reach $900MM by the end of Q2.
"We are delighted to see such rapid adoption of ZEscrow by financial institutions," said Nathan Baumeister, CEO and Co-founder of ZSuite Tech. "This significant milestone demonstrates the value and effectiveness of our product in helping banks transform their commercial deposit operations. ZEscrow provides an unparalleled level of convenience and efficiency, enabling banks to attract and retain clients while driving sustainable growth."
The 12 banks that have successfully launched ZEscrow since contracting in Q1 of 2023 are already experiencing the numerous benefits offered by the platform. One of these satisfied customers is Sandy Spring Bank, a $14B financial institution headquartered in MD with a longstanding focus on service.
“ZEscrow gives us the opportunity to aggressively sell the escrow service,” said Bill Howland, Vice President Product Management, Treasury Management Division. “Sandy Spring Bank is putting an emphasis on developing escrow business with numerous business segments. In fact we recently developed a strategy to expand into the property management market and ZSuite gives us a lot of the service we need for those businesses. Probably most important is that ZSuite gives us another tool to gather deposits and doing so is extremely important to Sandy Spring Bank.”
