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Maintain oversight and control

If your business handles manages funds held in escrow, rent security, assisted living, preneed, 1031 exchange or has other sub-accounting needs, Webster’s Virtual Account Manager is a smart solution. You’ll be able to self-service your sub-accounts by linking your Webster Bank account to an online virtual account management platform where you can open, set up and segregate virtual sub-accounts in a single or multi-tiered hierarchy. It can help you increase operational efficiencies by reducing onboarding times and save time and effort without needing to reconcile account statements across multiple accounts.

Why Choose Virtual Account Manager?

An advanced web-based escrow accounting tool

See how our new web-based solution improves upon traditional processes by allowing the self-service opening of sub-accounts and real-time handling of custodial relationships, and how Webster clients can increase operational efficiencies by reducing onboarding times, simplifying reconciliation of account statements across multiple accounts, and increasing the potential for time and cost savings.

Virtual Account Manager Benefits

Help your business thrive

Efficiency

  • Set automatic allocation rules for anticipated transactions
  • Allocate interest to the master agent and sub-accounts
  • Open and fund sub-accounts in bulk using templates
  • Self-service for maintenance and research

Cost and time savings

  • Connects with your back-office accounting system
  • Integrate your ERP system via API
  • Accelerate overall process management

Enhanced oversight

  • Access customized reports, summaries and monthly statements
  • Take advantage of automated interest calculation, interest splitting and tax reporting
  • 7 years of data retention

Greater security and control

  • Reduce exposure to fraud and mitigate operational risks
  • Enjoy multiple levels of controls
  • Monitor accounts in real time
  • Dual control capabilities

Flexibility and Convenience

How it works

Once Webster assigns access to the Virtual Account Manager’s state-of-the-art web-based solution, you can create, update and close sub-accounts. These sub-accounts are automatically reconciled to your pooled account daily to deliver easy compliance and control. Transactions are made on the pooled account (i.e. ACH, Wires, Checks) and you’ll be able to set automatic allocation rules for the sub-accounts. Interest can be calculated on the pooled account and allocated based on your determined rules. The dashboard and reports can be customized for selected information and downloaded in several formats.

 

Contact Us

Ready to find customized commercial treasury management products to maximize your business’s efficiency and productivity? Contact us today.

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Webster Bank, N.A.
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