Improve Escrow Management
Managing multiple accounts
With Webster Bank’s Virtual Account Manager, you can streamline transaction management by opening sub-accounts linked to a single master pool account. This web-based platform allows you to segregate deposits, set automatic allocation rules for transactions and manage escrow relationships in real time.
Virtual Account Manager
If your business handles escrows or has other sub-accounting needs, Webster’s Virtual Account Manager is a smart solution. You’ll be able to self-service your escrow accounts by linking your Webster Bank account to an online virtual account management platform where you can open, set up and segregate virtual escrow sub-accounts. It can help you increase operational efficiencies by reducing onboarding times and save time and effort without needing to reconcile account statements across multiple accounts.
An advanced web-based escrow accounting tool
See how our new web-based solution improves upon traditional processes by allowing the self-service opening of sub-accounts and real-time handling of escrow relationships, and how Webster clients can increase operational efficiencies by reducing onboarding times, decreasing the time effort of reconciling account statements across multiple accounts, and increasing the potential for time and cost savings.
Virtual Account Manager Benefits
Flexibility and Convenience
Once Webster assigns access to the Virtual Account Manager’s state-of-the-art web-based solution, you can create, update and close sub-accounts. These sub-accounts are automatically reconciled to your pooled account daily to deliver easy compliance and control. Transactions are made on the pooled account (i.e. ACH, Wires, Checks) and you’ll be able to set automatic allocation rules for the sub-accounts. Interest can be calculated on the pooled account and allocated based on your determined rules. The dashboard and reports can be customized for selected information and downloaded in several formats.
Ready to find customized commercial treasury management products to maximize your business’s efficiency and productivity? Contact us today.
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