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Sterling Bancorp-Cashfac to Expand Escrow Account Platform
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Sterling Bancorp 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.
Stocks to Consider
Merchants Bancorp (MBIN - Free Report) recorded a significant upward earnings estimate revision to $4 for the current year in the past 60 days. Its shares have appreciated 5.1% so far this year. It currently flaunts a Zacks Rank of 1 (Strong Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.
Mid Penn Bancorp, Inc. (MPB - Free Report) has witnessed 24.3% upward earnings estimate revision to $2.86 for the ongoing year in the past 60 days. Its shares have depreciated 29.1% so far this year. It currently flaunts a Zacks Rank of 1.
Bryn Mawr Bank Corporation has witnessed an upward earnings estimate revision of 50.5% to $1.37 for 2020 over the past 60 days. Its shares have declined 31.4% so far this year. At present, it sports a Zacks Rank of 1.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Sterling Bancorp-Cashfac to Expand Escrow Account Platform
Sterling Bancorp 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.
Stocks to Consider
Merchants Bancorp (MBIN - Free Report) recorded a significant upward earnings estimate revision to $4 for the current year in the past 60 days. Its shares have appreciated 5.1% so far this year. It currently flaunts a Zacks Rank of 1 (Strong Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.
Mid Penn Bancorp, Inc. (MPB - Free Report) has witnessed 24.3% upward earnings estimate revision to $2.86 for the ongoing year in the past 60 days. Its shares have depreciated 29.1% so far this year. It currently flaunts a Zacks Rank of 1.
Bryn Mawr Bank Corporation has witnessed an upward earnings estimate revision of 50.5% to $1.37 for 2020 over the past 60 days. Its shares have declined 31.4% so far this year. At present, it sports a Zacks Rank of 1.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>