BURLINGTON, Mass.--(BUSINESS WIRE)--Missouri-based Paramount Bank has partnered with ZSuite Technologies, a financial technology company offering digital tools that helps businesses and individuals automate collection of recurring payments and manage security deposits, to leverage new digital tools and increase low-cost, core deposits. Paramount Bank will be the first financial institution in the state to offer ZRent and ZDeposit.
Paramount Bank is committed to delivering market-leading deposit rates, product depth, best-in-class technology and superior service to help clients meet their financial goals. Started as an independent mortgage company before being reimagined by a group of St. Louis investors, Paramount Bank has a large number of property managers and landlords within its customer base. The bank partnered with ZSuite to help these account holders overcome new obstacles created by the pandemic.
“As both a landlord and a banker, I have seen firsthand the difficulties of collecting payments in the wake of the COVID-19 crisis,” said Matt Fagin, EVP at Paramount Bank. “Putting a check in the mail right now is a disaster for the property owner, renter and banks. ZSuite’s products remove friction for every party involved and allow account holders to remotely manage rent collection and security deposits while ensuring the validity of the payment. We are thrilled to be launching ZRent and ZDeposit and look forward to working with the ZSuite team.”
Built for landlords, home-owners associations, property managers and other businesses, ZSuite Technologies’ mobile-responsive, SaaS solutions allow all parties to access and use tools with little to no friction. ZDeposit, an account opening online platform for security deposit collection and compliance regulation, and ZRent, a fully automated, online rent collection service, are actively used by hundreds of property managers and landlords. By targeting specific industry verticals, ZRent and ZDeposit satisfy the needs of niche customers while expanding their relationship within the financial institution.
“The onset of the pandemic made managing tenant relationships more difficult with landlords encountering issues with rent payments, such as invalid or bounced checks,” said Nathan Baumeister, CEO of ZSuite. “We are excited to expand our product offerings to Missouri and provide value by streamlining rent payments and security deposits through our partnership with Paramount Bank.”
Born from a community bank, ZSuite Technologies was founded to help financial institutions compete in an ever-changing landscape. Instead of locking banks and credit unions into a one-size-fits-all platform, ZSuite builds products that strengthen customer relationships and provide coveted answers to long-standing issues. ZSuite’s all-digital solutions are exclusively available to banks and credit unions with the capability of individualized customization.
About Paramount Bank
In 2017 a group of individuals came together to pursue the creation of an innovative banking company unlike any other. The group purchased Paramount Bond & Mortgage Company and Superior Bank of Hazelwood and merged the two companies together to create Paramount Bank. The bank is committed to delivering market-leading deposit products, innovative loan and mortgage products, best-in-class technology and superior personal service to help clients meet their financial goals. Paramount embraces the spirit of a community bank while possessing the capabilities normally found in much larger national institutions.
Paramount Bank is a HUD approved lender and provides a full range of Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is delegated FHA/VA, FHA 203K and USDA approved. For more information, visit https://paramountbank.com/.
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.