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iGTB Intellect

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Commercial and Small Business Banking Forum

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Intellect announces the launch of iGTB Copilot

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iGTB Intellect at Sibos 2023

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iGTB Pulse Newsletter August 2023 Edition

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374X315 Main Banner Mobile Escrow

Escrow Deposits

Deposit mobilization efforts channelized via Escrow/Trust agents

Stable source of funding

Low capital requirements as per Basel III norms

Low marketing and distribution costs

Banks across the Globe are Increasingly Focused on Expanding their Deposit Base

Feature rich risk management solution that handles complex corporate cash management & liquidity structures

Payment Services

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

Account Service 1

Compose Industry Specific Escrow Products

• Compose products with industry specific nomenclature and workflows

• Layered configuration of product & regulatory rules by jurisdiction & master account

Administration

Transaction Capability

• Transactions supported via directly addressable sub-accounts or via allocation from master account

• Distinct handling of fulfillment and exception flows

Account Service 1

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

Payment Services

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

Administration

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
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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
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Client Mobile

Composable, Contextual & Hyperscale Architecture

For High Resilience and Processing Large Volumes in Partnership with Microsoft Azure and AWS

Microservice 1

Microservices Architecture

Loosely coupled, self contained services

API 1 1

API First

Build internal ecosystems with open APIs

Cloud Native 1 1

100 % Cloud Native

Flexibility to deploy on any public cloud platforms

3 1 1
Cloud
2 1 3
Pluggable 1 1

Pluggable Backends

Integrate any backend or application gracefully with pluggable integrations

Security 1

Security

With layers of security, ready for public or private cloud deployment

Lock In 1

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

Microservice 1

Microservices Architecture

Loosely coupled, self contained services

API 1 1

API First

Build internal ecosystems with open APIs

Cloud Native 1 1

100 % Cloud Native

Flexibility to deploy on any public cloud platforms

Frame 1000005863
cloud.png
Frame 10000058631
Pluggable 1 1

Pluggable Backends

Integrate any backend or application gracefully with pluggable integrations

Security 1

Security

With layers of security, ready for public or private cloud deployment

Lock In 1

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

Arrow 11
Microservice 1

Microservices Architecture

Loosely coupled, self contained services

API 1 1

API First

Build internal ecosystems with open APIs

Cloud Native 1 1

100 % Cloud Native

Flexibility to deploy on any public cloud platforms

Cloud
Pluggable 1 1

Pluggable Backends

Integrate any backend or application gracefully with pluggable integrations

Security 1

Security

With layers of security, ready for public or private cloud deployment

Lock In 1

No Vendor Lock In

Usage of open source components based on CNCF

Arrow 32

Trusted by the World’s Best

9023622 1
Joseph Giarraputo
President & Editorial Director,

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

Perspective Award
News

iGTB named World’s Best Virtual Accounts Solution Provider 2023 by Global Finance

Perspective Whats New
Webinar

Virtual Accounts Management: What's new  for 2023

Fifth 3rd Bank
Webinar

The Value of Contextual Virtual Accounts

Global Finance
Blog

Keeping Your Balance(s)

Escrow

Talk to our team of experts to learn how we can accelerate your banking transformation journey

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