BURLINGTON, Mass.--(BUSINESS WIRE)--ZSuite Technologies, a financial technology company offering digital tools that helps businesses and individuals automate collection of recurring payments and manage escrow deposits, to increase low-cost, core deposits and leverage digital channels, experienced an impressive year in 2020 in terms of growth and product enhancements.
As financial institutions continue to seek differentiated, value-add services, banks and credit unions are recognizing that ZSuite Technologies’ niche, vertical-focused technology attracts business customers, grows deposits and expands existing relationships. From 2019 to 2020, ZSuite experienced expansive growth, reporting an 88% increase in its total number of clients offering ZSuite products. Additions to its roster in 2020 have expanded ZSuite’s reach to more than nine states across the U.S. including Illinois, New Hampshire, California, New York, Missouri, Montana, New Jersey, Connecticut and Massachusetts. To accommodate this growth, the company hired eight new team members across multiple departments including sales, product, development and operations.
“ZSuite Technologies is thrilled to bring our digital tools to new partners and states,” said Jessica Santana, Chief Operations Officer of ZSuite. “With the obstacles put in place by the onset of the COVID-19 pandemic, we are excited to continue to offer our clients digital solutions that assist them in providing optimal value for their account holders. With a dedication to an effective implementation process and tier one support through multiple channels, our ZSuite team is ready to support the success of our partner financial institutions in the coming year.”
At the beginning of the year, ZDeposit, ZSuite’s online account opening platform, launched multi-tenancy capabilities, allowing users to manage security deposit collection and compliance regulations for multiple tenants. The platform provides best-in-class transparency between tenants and landlords while instantaneously facilitating compliance with state laws. ZDeposit continued to see rapid adoption with more than 89% growth in dollars in escrow accounts and an 82% growth in tenant security deposit accounts in 2020.
ZRent, the company’s fully automated, online rent collection service, also saw increased adoption last year by partner financial institutions’ account holders, with a 50% growth in overall ZRent users. Offered to landlords, property managers, HOAs and others in need of reoccurring payment automation, this solution streamlines rent and condo payments on a reliable, monthly schedule and offers unique features such as roommate sharing, descriptive ACH transactions, robust reporting and future payment forecasting. In 2020, the company further enhanced ZRent’s capabilities, launching ZRent 2.0 to upgrade the user interface.
“ZSuite’s mission to provide financial institutions with technology that solves real problems for specific industry verticals to grow their businesses is well-illustrated by our product improvement and innovation,” said Nathan Baumeister, CEO of ZSuite. “As we continue to develop and deploy digital escrow tools that solve long-standing issues, ZSuite will continue to innovate, driving even more business results for our partner financial institutions. We look forward to seeing what the future holds for ZSuite in 2021.”
To further ZSuite’s commitment to providing optimal value, ZSuite formed a development group for the extension of their digital escrow capabilities, expanding their product portfolio to include ZEscrow. Before the conclusion of 2020, ZSuite Technologies launched its Alpha release of the product.
About ZSuite Technologies
ZSuite Technologies is a financial technology company that aims to power community banks with digital escrow products for specific commercial verticals that banks can offer to their clients. ZSuite's products, ZRent, ZDeposit and ZEscrow, streamline collection of recurring payments and automate the management and compliance around multi-use escrow subaccounting processes.
To learn more about ZSuite Technologies and how it can help your financial institution, please visit: https://www.zsuitetech.com.