Sterling National Bank and Cashfac announce strategic business alliance

The partnership will deploy Cashfac’s Virtual Bank Technology (VBT) platform, delivered remotely via the Cloud.

Consistent with Sterling’s strategy of providing technology-enabled solutions to small and medium sized businesses, Cashfac’s VBT platform will allow Sterling to provide scalable solutions, enhance client experience through self-service, and utilize automation to reduce resource-intensive tasks for their staff.

Cashfac’s partnership with Sterling will further their efforts toward building a stronger presence and reach in North America, and will offer a new set of opportunities for their cash management specialists.

Once implemented, Cashfac VBT will deliver a more streamlined offering for Sterling’s clients by providing a self-service receivables management process to upload remittance advice, linking its client’s master accounts to many sub-accounts (virtual accounts). 

These accounts will support interest calculations, provide up-to-date statement information and allow the bank to automate the regulatory checks required for opening new Escrow accounts. Additionally, the platform will remove arduous manual processes currently undertaken by the bank’s team to set up and support the sub-account process, enhance Sterling’s existing client relationships, and offer more tailored solutions to specific market segments, such as Property, Legal and Care Services.