CIT and FRONTSTEPS Announce Advanced Payment Features to Increase Convenience and Security

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) has expanded its partnership with FRONTSTEPS to enhance payment options for homeowners in community associations. The FRONTSTEPS Pay service will now be available to all CIT Community Association Banking clients, with CIT waiving ACH costs for free online payments. Additionally, CIT's C-Vendor Pay solution is integrated for all clients, simplifying invoice processing through automation. This collaboration aims to provide a streamlined banking experience and create efficiencies in payment processes.

Positive

• Expanded partnership with FRONTSTEPS to enhance payment solutions.
• Free online payment options for homeowners through waived ACH costs.
• Automation in invoice processing with C-Vendor Pay, increasing efficiency.

Negative

• None.

NEW YORK, Aug. 18, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) and FRONTSTEPS today announced an expanded partnership to simplify payments for homeowners in community associations. FRONTSTEPS Pay, a market-leading online payment service, is now available to all CIT Community Association Banking clients. Additionally, CIT will waive ACH costs so homeowners can pay online for free.

"We're pleased to enhance our long-standing collaboration with FRONTSTEPS. Both companies understand that clients need easier processes and that banking is core to running their business," said Alan DeTata, president of Community Association Banking for CIT. "With our innovative integrations, we're committed to delivering customized, efficient services that ensure a more streamlined banking experience."

CIT's C-Vendor Pay solution is also now integrated and supported for all CIT and FRONTSTEPS Accounting (Caliber) clients. C-VendorPay increases efficiencies in the payment process by eliminating the manual work involved in processing invoices. With C-Vendor Pay, clients can automate all invoice payments with a single file upload, set up workflows and approvals to mirror their existing processes, and receive email approvals for a more consistent streamlined process. The system also remembers previously coded invoices, removing the need to re-enter information for each invoice payment. The process is configured to the client's business and offers multiple payment options such as ACH, check and virtual card.

"We are excited to welcome CIT clients to the FRONTSTEPS payments platform," said Jamie Clymer, FRONTSTEPS chief executive officer, "Homeowners will enjoy a highly-refined and streamlined payment experience with features such as 'flexible payment amounts' and automatic cancellation of recurring payments when they move. These experiences are only delivered through FRONTSTEPS and enhanced by our close partnership with CIT." 

CIT's Community Association Banking business is a national leader in association banking services, including certificates of deposit, money market accounts, and a variety of digital payments solutions, supported by the expertise of CIT's Treasury and Payment Services business.

About FRONTSTEPS
FRONTSTEPS is the most integrated and advanced technology suite available to the Community Association Management industry. New services, such as advanced bank integrations, are continually delivered to management companies to help them drive higher profitability, competitive differentiation, and new client growth. For more information about the FRONTSTEPS suite, connect with a FRONTSTEPS representative today at sales@frontsteps.com. 

About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

MEDIA RELATIONS:

For CIT:
Donna Choi
212-461-5731
donna.choi@cit.com 

For FRONTSTEPS:
Jonathan Corke
987-337-2732
jcorke@frontsteps.com 

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SOURCE CIT Group Inc.

FAQ

What is the recent partnership announcement between CIT and FRONTSTEPS?

CIT announced an expanded partnership with FRONTSTEPS to enhance payment solutions for homeowners in community associations.

What benefits do CIT Community Association Banking clients receive from the partnership?

Clients will have access to FRONTSTEPS Pay for free online payments, as CIT waives ACH costs.

How does C-Vendor Pay improve the payment process for clients?

C-Vendor Pay automates invoice payments, streamlining processes and reducing manual work.

What services are now available for CIT clients through FRONTSTEPS?

CIT clients can now use FRONTSTEPS Pay and benefit from advanced payment features and streamlined processes.

How has CIT improved payment features for community associations?

CIT has integrated payment solutions with FRONTSTEPS, simplifying payments and enhancing user experience.