MB Financial Bank Selects NES Financial’s Escrow Administration Technology to Power Their Suite of Escrow Solutions
San Jose, CA, November 7, 2011 – NES Financial, a leading provider of trust and escrow administration technology and services for the banking industry and Fortune 500 companies, announced that it has entered into an agreement with MB Financial Bank to deploy the company’s cloud-based Escrow Administration Solutions.
NES Financial offers a technology platform that enables financial institutions to administrate complex financial transactions for many business sectors. The company’s cloud-based platform, eSTACTM, is architected to provide enhanced administration capabilities to trust and escrow accounts in numerous applications. The eSTACTM platform is compatible with existing bank infrastructure and allows banks to leverage investments in their core systems, without incurring added costs. Currently, leading financial institutions and Fortune 500 companies are using the company’s trust and escrow technology and services for administrating their complex financial transactions.
“NES Financial’s technology platform allows off-the-shelf configuration to provide self-service, sub-accounting, and reporting solutions for sectors with complex processes,” said Michael Halloran, NES Financial’s CEO.
“Ultimately, eSTACTM provides financial institutions with newer methods to deepen client relationships, improve operational efficiency, enhance compliance-reporting capabilities, and increase fee revenue. In this unpredictable economic environment, proven technology is important to ensure greater customer satisfaction as well as to increase revenue for banks.”
The eSTACTM platform streamlines solutions for compliance and sub-accounting needs in sectors that have complex transactions such as landlord/tenant security deposit escrows, 1031 like-kind exchanges, EB-5 Visa escrows, pre-need trusts and more. The comprehensive software-as-a-service (SaaS) solution is accessible through a virtual private cloud platform and is scalable as the business grows through organic growth or acquisition.
“Obtaining more ways to extend our services to new and existing customers is important to MB Financial Bank’s business,” said Mary Madden, senior vice president, Treasury Management Services. “Through enhanced banking technology, we are able to promote more services to a wider audience. NES Financial’s solution, which features state-of-the-art security and process controls, will allow the bank to target specific industry segments and expand our footprint nationally to businesses with escrow accounting needs. We are excited about this new partnership and the products we will now be able to deliver.”
About NES Financial
NES Financial (NESF) is a leading provider of trust and escrow administration technology and services for banks, other financial institutions and Fortune 500 companies. The company’s state-of-the-art virtual private cloud-based solutions provide banks and financial institutions with increased fee revenue opportunities, reduced compliance costs and improved operating efficiency. NES Financial focuses on business sectors with complex processes, significant compliance requirements, and large sub-accounting needs, including landlord/tenant security deposit escrows, client trust accounts, capital raises, pre-need trusts and many more. In 2011, NES Financial was ranked in Inc magazine’s Inc. 500|5000 list of fastest-growing businesses in America.
About MB Financial
MB Financial Bank’s holding company, MB Financial, Inc., is traded on the NASDAQ as “MBFI.” MB Financial has approximately $10 billion in assets. MB Financial Bank (www.mbfinancial.com) has been delivering competitive personalized service for 100 years to businesses and individuals .