Sterling National Bank Goes Live with Cashfac’s Escrow Account Platform

Rhea-AI Summary

Sterling National Bank, a subsidiary of Sterling Bancorp (NYSE: STL), has launched a new self-service escrow accounts solution in partnership with Cashfac. This solution utilizes Cashfac's Virtual Account Manager platform, streamlining account management for customers. The cloud-based platform allows users to create and manage escrow accounts, improving efficiency and reducing delays. Both companies highlight the success of pilot implementations and anticipate further enhancements in customer service and operational processes.

Positive

• Launch of a self-service escrow solution improves customer experience.
• Streamlined account creation and management enhances operational efficiency.
• Successful pilot with positive feedback from clients.

Negative

• None.

Sterling National Bank deploys new self-service escrow accounts solution, delivered in partnership with Cashfac

PEARL RIVER, N.Y. and LONDON, Oct. 21, 2021 (GLOBE NEWSWIRE) -- 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 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. For more information, visit www.cashfac.com.

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 Bancorp
Emlen Harmon, Senior Managing Director – Investor Relations
212.309.7646

Sterling Bancorp
Two Blue Hill Plaza, Second Floor
Pearl River, NY 10965

T 845.369.8040
F 845.369.8255

http://www.sterlingbancorp.com

FAQ

What is the new solution launched by Sterling National Bank?

Sterling National Bank launched a self-service escrow accounts solution in partnership with Cashfac.

How does the Virtual Account Manager benefit Sterling's customers?

Customers can create and manage their own escrow accounts, streamlining processes and reducing delays.

When was the self-service escrow accounts solution announced?

The solution was announced on October 21, 2021.

What is the stock symbol for Sterling Bancorp?

The stock symbol for Sterling Bancorp is STL.