Feature rich risk management solution that handles complex corporate cash management & liquidity structures
Contextualized and Rich Banking Experience
• Fully contextualized banking experience for escrow agent based on industry segment and use case
• Account nomenclature and transaction flows aligned to industry segment & use case
• Statement for combined master account and individual sub-account
Compose Industry Specific Escrow Products
• Compose products with industry specific nomenclature and workflows
• Layered configuration of product & regulatory rules by jurisdiction & master account
Transaction Capability
• Transactions supported via directly addressable sub-accounts or via allocation from master account
• Distinct handling of fulfillment and exception flows
High Degree of Parameterization
• Configure Interest rates at the relationship level or at a more granular level
• Compensate Escrow agent in numerous ways – Compensate independently or based on interest sharing
• Earning and tax reporting by ownership
• Set up jurisdictions and add another layer for configuring regulatory rules
Regulatory Compliance
• Support for KYC checks, withholding tax, dormancy/escheatment etc.
• Jurisdiction for regulations can be configured as per use case at country/state/custom levels
• Out-of-the box configuration for US
Interest & Earnings
• Ability to administer bank interest on escrow deposits
• Settlement of interest into account or 3rd party
• Admin fee support for Escrow Agent compliant with regulation
What’s in it for the Banks?
With a global environment of tightening liquidity and rising interest rates, banks are turning their attention to sources of stable, low cost escrow deposits. Using IGTB’s solution, banks can define use cases, contextualized for specific industry and service segments, to handle a variety of escrow scenarios:
- Tripartite relationships with escrow agent as an independent 3rd party
- Bipartite trust relationships with no independent escrow agents
- Banks that double up as escrow agent
- Quickly configure business rules and regulatory (federal/local)
- Address the needs for different industry-specific escrow use cases
- Manage whole lifecycle of an escrow account
- Compose products with fields, labels, and other text customized for different industry segments and use cases. E.g. property management, rentals, litigation, public/government services, personal services, etc
- Define hierarchical levels that are appropriate for specific use cases (i.e. buildings for property management or case numbers for litigation)
- Manage escrow/trust accounts and transactions (interest, admin fee, tax handling, disputes)
- Automate reconciliations with manual exception handling where required
- Generate comprehensive reports of accounts and transactions
- Online audit history of all activities, additions, modifications and transaction life cycles
- Federal and State tax handling
- Escheatment handling
- Federal and local regulatory support by state (KYC, Reg D, FDIC, etc.)
- Document upload and retention capabilities, including archival and purging policy handling
What’s in it for the Clients?
Clients can segregate trust/escrow deposits, which are held on behalf their downstream clients, from their own funds. With a full suite of self-service capabilities, clients can run their escrow needs end to end, from opening to closing accounts, and everything in between. Context driven configurations, based on the escrow use case, will provide a unique experience, as opposed to a generic sub-account structure:
- Manage escrow/trust entities (rental properties, lawsuits, etc.) without depending on the bank
- Open, edit, close escrow/trust accounts
- Transact, manage and view details (interest, document uploads, payments, etc.) on deposits to escrow/trust accounts and Release/refund of funds from escrow/trust account
- Customize hierarchical views for different use cases
- Extract date for accounts and transactions
- Manage account statements and generate comprehensive reports
- View enhanced deposit breakdowns for certain use cases (i.e. security and pet deposits for apartments)
- Toggle between different use cases within the same portal
- Use one log-in to access all of your Escrow needs
Composable, Contextual & Hyperscale Architecture
For High Resilience and Processing Large Volumes in Partnership with Microsoft Azure and AWS
Microservices Architecture
Loosely coupled, self contained services
API First
Build internal ecosystems with open APIs
100 % Cloud Native
Flexibility to deploy on any public cloud platforms
Pluggable Backends
Integrate any backend or application gracefully with pluggable integrations
Security
With layers of security, ready for public or private cloud deployment
No Vendor Lock In
Usage of open source components based on CNCF
Composable, Contextual & Hyperscale Architecture
For High Resilience and Processing Large Volumes in Partnership with Microsoft Azure and AWS
Microservices Architecture
Loosely coupled, self contained services
API First
Build internal ecosystems with open APIs
100 % Cloud Native
Flexibility to deploy on any public cloud platforms
Pluggable Backends
Integrate any backend or application gracefully with pluggable integrations
Security
With layers of security, ready for public or private cloud deployment
No Vendor Lock In
Usage of open source components based on CNCF
Composable, Contextual & Hyperscale Architecture
For High Resilience and Processing Large Volumes in Partnership with Microsoft Azure and AWS
Microservices Architecture
Loosely coupled, self contained services
API First
Build internal ecosystems with open APIs
100 % Cloud Native
Flexibility to deploy on any public cloud platforms
Pluggable Backends
Integrate any backend or application gracefully with pluggable integrations
Security
With layers of security, ready for public or private cloud deployment
No Vendor Lock In
Usage of open source components based on CNCF
Trusted by the World’s Best
A market-leading global transaction banking platform, iGTB provides global coverage for its Virtual Account Management (VAM) solution across five continents and 18 countries. iGTB’s Virtual Account Management offers corporate banking clients a seamless customer journey and user experience across multiple business segments.
Perspective
iGTB named World’s Best Virtual Accounts Solution Provider 2023 by Global Finance
Virtual Accounts Management: What's new for 2023
The Value of Contextual Virtual Accounts
