Sterling National Bank and Cashfac Announce Strategic Business Alliance for Launch of New Escrow Account Platform

Rhea-AI Summary

Sterling National Bank (NYSE: STL) and Cashfac announced a strategic partnership to enhance Sterling's Escrow account services by implementing Cashfac's Virtual Bank Technology (VBT) platform. This collaboration aims to improve the experience for small and medium-sized businesses by offering scalable, automated solutions for receivables management. The VBT platform will streamline processes, reduce manual tasks, and provide self-service capabilities for clients, ultimately enhancing Sterling's service offerings in North America. The agreement reflects both companies' commitment to customer service and technological advancement.

Positive

• Partnership enhances Sterling's Escrow account services.
• Implementation of Cashfac's VBT platform will improve operational efficiency.
• Automation will reduce resource-intensive tasks for Sterling's staff.
• New service offerings target specific market segments such as Property and Legal.

Negative

• None.

LONDON and MONTEBELLO, N.Y., Sept. 02, 2020 (GLOBE NEWSWIRE) -- Today, Cashfac, a global provider of back-office cash management software, and Sterling National Bank (“Sterling”), the wholly-owned operating bank subsidiary of Sterling Bancorp (NYSE: STL), announced a strategic agreement to expand Sterling’s Escrow account origination and servicing capabilities. The partnership will deploy Cashfac’s flagship Virtual Bank Technology (VBT) platform, delivered remotely via the Cloud.

Consistent with Sterling’s strategy of providing high-value, technology-enabled solutions to small and medium sized businesses, Cashfac’s VBT platform will allow Sterling to provide scalable solutions, enhance client experience through self-service, and utilize automation to reduce resource-intensive tasks for their staff.

Cashfac’s partnership with Sterling will further their efforts toward building a stronger presence and reach in North America, and will offer a new set of opportunities for their cash management specialists.

Once implemented, Cashfac VBT will deliver a more streamlined, efficient offering for Sterling’s clients by providing a self-service receivables management process to upload remittance advice, linking its client’s master accounts to many sub-accounts (virtual accounts). These accounts will support interest calculations, provide up-to-date statement information and allow the bank to automate the regulatory checks required for opening new Escrow accounts. Additionally, the platform will remove arduous manual processes currently undertaken by the bank’s team to set up and support the sub-account process, enhance Sterling’s existing client relationships, and offer more tailored solutions to specific market segments, such as Property, Legal and Care Services.

“We are delighted to expand into the Americas in partnership with Sterling National Bank. Their passion for improving customer service levels and providing market-leading solutions excites us,” Richard Cummings, CEO at Cashfac commented. “We look forward to creating valuable offerings and experiences for our clients together.”

“Cashfac provides us with a unique opportunity to leverage a world-renowned contemporary solution in the US to benefit our clients and staff in support of Sterling’s strategy of delivering a superior digital client experience,” Luis Massiani, Sterling National Bank President said. “We greatly appreciate the commitment of the Cashfac team and are eager to begin a successful and lasting relationship with our new partner.”

About Cashfac
Cashfac 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.

About Sterling National Bank
Sterling 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 National Bank Contact:
Emlen Harmon SVP – Director of Investor Relations
Phone 845-369-8040

FAQ

What does the partnership between Sterling National Bank and Cashfac entail?

The partnership focuses on enhancing Sterling's Escrow account services through the implementation of Cashfac's Virtual Bank Technology.

How will the VBT platform benefit Sterling National Bank's clients?

The VBT platform will provide self-service receivables management, automate regulatory checks, and improve overall client experience.

When was the partnership between Sterling National Bank and Cashfac announced?

The partnership was announced on September 2, 2020.

What is the stock symbol for Sterling National Bank?

The stock symbol for Sterling National Bank is STL.

What market segments does the Cashfac partnership target?

The partnership will particularly benefit market segments such as Property, Legal, and Care Services.