Streamlining Rentals; First Bank Unveils Escrow and Rent Management Tools

New Jersey-based First Bank has added new products to its portfolio to help customers manage escrow and rent collections more efficiently. The bank has partnered with ZSuite Tech and added its two flagship products, ZEscrow and ZRent.  The products will make the process of rent collection and handling escrow accounts much more hassle-free and automated. ZRent is mainly designed keeping in mind landlords, homeowners, and property managers as the key users. The software automates the collection of the rent from the tenants and ensures that all the legal compliance is met so that the landlord or property manager can focus more on growth. The product comes with 24-hour uptime, 7 days a week, and can be set up within 30 seconds. Since rent collections involve financial data, ZRent comes with added layers of protection. It even has the functionality to split the payment across multiple tenants sharing the same property.

ZEscrow can be used by multiple customer segments like landlords, property managers, healthcare companies, municipalities, law firms, companies involved in 1031 exchanges, tile and real estate offices, and utility and transportation companies. The product automates managing escrow, custodial, and trust accounts thus cutting down on fax and phone calls. It comes with DocuSign integration to have the digital signatures done from all the parties and provides a secured space for storing all the confidential documents. The application promises 100% uptime, with the capability to access and transfer funds anytime. Creating and closing accounts takes a mere 30 seconds, which eliminates the hassle businesses need to go through while handling an escrow account. The software also allows the creation of digital folders compatible with internal filling.

First Bank Chief Executive Officer Patrick Ryan said “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?”. He further added “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”.

ZSuite Tech has been actively trying to partner with the banks to offer its ZRent and ZEscrow. By Q4, 2023, the company had added 89 banks to its partner network. Commenting on the partnership with First Bank, ZSuite Tech Chief Executive Officer, Nathan Baumeister said “ZSuite Tech is honored to be part of First Bank’s continuously expanding digital banking strategy”.