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Sterling Bancorp-Cashfac to Expand Escrow Account Platform

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Sterling Bancorp (STL - Free Report) recently announced an agreement with Cashfac to expand the company’s escrow account origination and servicing capabilities. The agreement will be carried out through Sterling National Bank, the wholly-owned operating bank subsidiary of Sterling Bancorp.

This agreement with Cashfac, which is a foremost global provider of back-office cash management software, will enable Sterling Bancorp to serve its customers more efficiently. The company will have access to Cashfac’s Virtual Bank Technology (VBT) platform that will enable Sterling Bancorp to provide robust solutions and a seamless experience to its customers. Moreover, the use of this platform will reduce the burden on its staff.

Luis Massiani, Sterling National Bank president, stated, “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.”

Further, with this alliance, Cashfac’s presence in North America will receive a boost. This agreement will give the company’s cash management experts an access to a new set of clients.

Richard Cummings, chief executive officer at Cashfac, stated, “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.”

Sterling Bancorp’s strategy of supplying technology driven and high quality solutions to small and medium sized businesses will also get a facelift once the VBT platform is deployed. Among the features to be provided with the platform is 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 aid interest calculations, provide updated statement information and allow the bank to automate the regulatory checks required for opening new escrow accounts. Also, the platform will remove complex manual processes currently undertaken by the company’s team to set up and support the sub-account process. The platform will also allow Sterling to enhance its existing client relationships.

Shares of this Zacks Rank #3 (Hold) company have lost 11.9% in the past three months compared with 8.1% decline recorded by the industry.

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