Norwood Bank Partners with ZSuite Technologies to Expand Digital Offerings and Grow Deposits

Community financial institution now offering ZRent and ZDeposit

BURLINGTON, Mass.--(BUSINESS WIRE)--ZSuite Technologies, a financial technology company offering digital tools that help businesses and individuals automate collection of recurring payments and manage security deposits, has partnered with Mass.-based Norwood Bank. By working with ZSuite, Norwood will enhance its digital offerings as consumer expectations continue to evolve in the wake of the pandemic.

By offering ZRent and ZDeposit, Norwood can grow low-cost, core deposits and increase lending activity among its existing commercial loan and real estate portfolios. The mobile-ready, easy-to-use tools developed by ZSuite help individuals, property managers, landlords, home-owners associations and other businesses expand their businesses, while building stronger relationships with their bank.

ZRent automatically processes rent payments, storage and service fees, membership dues and other payments on a reliable, monthly schedule, and offers unique features such as roommate sharing, descriptive ACH transactions, extensive reporting and future payment forecasting. Providing best-in-class transparency between tenants and landlords, ZDeposit simplifies the opening, funding, management and releasing of tenant security deposit accounts while facilitating compliance with state laws.

“We are thrilled to partner with ZSuite to offer digital tools that not only simplify property management for our customers for free but also expand their banking relationship with us,” said Senior Vice President Tracey Robbins at Norwood Bank. “Community banks are often limited to their location; however, with ZSuite, Norwood is able to service consumers beyond our branch footprint. As we hit the ground running in 2021, I am eager to see how our customer base expands.”

By offering built-in, tier one support through multiple channels, including phone, online chat and email, ZSuite provides dedicated support to ensure the success of its partners and customers from implementation throughout the entirety of the relationship. In addition, ZSuite performs all back-office services such as new user onboarding and provides training and marketing guidance to its partner banks and credit unions.

“By implementing ZRent and ZDeposit, Norwood Bank offers their property management and landlord customers a way to safely process recurring payments online and automate complex security deposit collection,” said Nathan Baumeister, CEO of ZSuite. “As the demand for digital solutions continues to increase in the new year, we are excited to help Norwood differentiate itself from other community financial institutions, build new consumer relationships and grow deposits.”

ZSuite was founded by bringing both bankers and experienced technology executives together for one purpose: to help financial institutions compete in an ever-changing landscape. Offered through financial institutions since 2015, ZSuite’s products have proven results. Hundreds of landlords and property managers are actively using ZRent and ZDeposit with more than $100 million in payments processed, deposits managed and loans secured.

About Norwood Bank
Norwood Bank is an independent, community bank with assets of $675 million. The Bank has operated in Norwood, MA since 1889 to serve the financial needs of the local community. They have grown steadily and securely to become a well-respected and valued local institution. They specialize in business banking, commercial and construction lending as well as personal banking and residential loans. For more information about the bank call 781-762-1800 or visit www.norwoodbank.com.

About ZSuite Technologies
ZSuite Technologies is a financial technology company that aims to power community financial institutions with digital escrow products for specific commercial verticals that can be offered 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.