Just days after Capital One released the findings of its survey of corporate treasurers, finding that cash flow management is the biggest concern among officials, the company has announced a new service that is likely to ease some of that financial management worry.
In a press release Thursday (June 11), Capital One Bank’s treasury management unit announced a new escrow service that allows businesses to manage their accounts online. Through the new Capital One Escrow Express platform, enterprises can access digital account management tools, a move the company said “transforms the client experience.”
“Clients who handle escrow monies need the spend, accuracy and convenience that online access provides,” said Capital One Bank’s Colleen Taylor, the executive vice president and head of treasury management and enterprise payments, in a statement. “We’ve transformed this burdensome manual process into a digital experience that allows clients to take care of business themselves, rather than going into a branch or calling a customer service rep.”
The ability for companies to manage their accounts online means that they also have access to Intellix, the treasury management platform run by Capital One, at all hours of the day. Businesses can also open or close accounts without having to physically enter a bank.
Escrow managers can gain greater access into their account management through automated interest payment calculations, reports said, and the Escrow Express tool provides accurate, up-to-date account reports, summaries and statements.
It’s a major timesaver that ends escrow officials’ need to handle manual processes that can take hours. “Managing escrow funds is typically a time-consuming chore that takes attention away from more strategic activities,” Taylor added. “This innovative service saves our clients time, relieves their operational burdens and ensures they meet the compliance requirements related to handling escrow monies.”