Contextual Client Money Management

Contextual
Client Money Management

Help your customers manage segregation of monies held on behalf their clients, distinct from their own funds, for many different needs involving trust/escrow accounts.

Contextualized to each escrow use case

Contextualized to each client money/escrow use case

  • Define and manage industry-aligned client money use cases, for example, property management, rentals, litigation, public / government services, personal services, etc.
  • Set additional hierarchical levels and configure fields as appropriate for each use case
  • Provide clients with an unique experience that is differentiated based on the escrow use case that they access, as opposed to a generic sub-account structure
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Out of the box regulatory compliance

  • Tax handling, monitoring and renewal for W8 and W9’s
  • Handling for 1099 / 1042-S reporting
  • KYC, OFAC, sanctions and other screening data requirements met
  • Federal withholding tax handing
  • Reg. D
  • Escheatment handling
  • State regulatory support
  • FDIC compliance
  • Archival and purging policy handling
Empower clients with self-service

Empower clients with self-service

  • Open, edit, close escrow/trust accounts
  • Control escrow/trust entities ( rental properties, lawsuits, etc.) without depending on the bank
  • Transact, manage and view details on:
    • Deposits to escrow/trust accounts
    • Release / refund of funds from escrow/trust account
  • Segregate reporting of escrow/trust funds independent from regular funds /own money
  • Set rules for transaction workflows
  • Customise hierarchical views for different use cases
  • Manage account statements
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Extensive functional capabilities

  • Manage escrow/trust account transactions – deposits and release / refunds
  • Record and manage disputes
  • Manage interest on escrow/trust accounts including accruals, back-value adjustments
  • Handle post processing on interest such as admin fee, interest sharing, withholding taxes
  • Automate reconciliations with manual exception handling where required
  • Generate comprehensive reports
  • Extract data for accounts and transactions
  • Online audit history of all activities, additions, modifications and transaction life cycles

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