First Bank Launches Escrow and Rent Management Tools

On Mar 27, 2024

Hamilton-based First Bank has announced the addition of ZEscrow and ZRent, two financial platforms that, according to First Bank, are designed to increase convenience and efficiency for businesses when managing escrow, subaccounts, and rent collection.

Developed by ZSuite Tech, ZEscrow and ZRent are digital solutions designed to simplify escrow account management and monthly rent collection. According to ZSuite, ZEscrow streamlines the escrow process, providing customers with a secure and reliable way to digitally handle their transactions, including account management, reporting, tax forms and more. Meanwhile, ZRent enables landlords and property managers to collect rent digitally, removing the need for paper checks.

“Whenever we consider adding a new product, we ask ourselves several questions: Does it open doors for customers and businesses to thrive? Does it enhance our product offerings and align with our mission of creating more value and trust?” said Patrick Ryan, president and CEO of First Bank. “With ZSuite, the answer to these questions is an unequivocal yes. These latest offerings underscore our dedication to merging revolutionary digital technologies with our classic, relationship-focused approach to personal banking. This dynamic fusion is how First Bank is redefining community banking.”

The platforms deliver a suite of advantages, offering customers and businesses from various sectors the convenience of 24/7 access for opening, managing, transferring funds and closing sub-accounts, according to First Bank. ZEscrow and ZRent support many industries, including:

• Municipalities, enabling secure management of community funds and surety bonds.
• Real estate professionals, simplifying the management of transaction-related funds.
• Attorneys, offering an efficient way to handle IOLTA/IOLA accounts for client funds.
• Nonprofits, providing a straightforward digital tool for multiple account management.
• Funeral homes, allowing for the precise segregation of funds for prepaid services.
• Property management firms, streamlining the process of managing tenant security deposits.
• Participants in 1031 exchanges, facilitating easy calculation of split interest and account access.

“ZSuite Tech is honored to be part of First Bank’s continuously expanding digital banking strategy,” said Nathan Baumeister, CEO and co-founder of ZSuite Tech. “This exciting collaboration highlights our shared commitment to fintech innovation and enhancing the banking experience for First Bank’s business clients.”

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