Quick-to-Deploy Solutions Built on the NESF eSTAC Platform bring Security, Transparency and Compliance to Complex Escrows – including Subscription, Merger/Acquisition, Settlement and Earnest Money Escrows
SAN JOSE, CA May 18, 2010 – NES Financial (NESF), a leading financial services provider for the banking industry and Fortune 500 companies, has introduced a suite of fully compliant third-party administration solutions for multi-party escrows. The NES Financial Trust and Escrow Suite delivers substantial benefits to financial institutions tasked with the administration and management of held funds. These funds can include complex escrows associated with subscription, merger/acquisition, settlement and earnest money. The new suite is designed to provide transparency and security to all stakeholders involved in complex escrows including financial institutions, law firms and their customers.
“The rapid increase in the complexity of financial transactions is straining the existing systems used by financial institutions and law firms and exposing them to significant risk,” said Michael Halloran, president and CEO of NES Financial. “Using our highly automated NES Financial Trust and Escrow Suite, organizations gain an easy, efficient and cost-effective way to administer trusts and escrows, and their clients gain visibility into their monies, providing security and protection for all involved parties.”
Built on NES Financial’s proven eSTAC technology platform – used to administer tens of billions of dollars annually in complex multi-party escrows – the NESF solution has been designed to meet the administrative requirements of even the most complex transactions. Developed by a team of financial and technology experts working directly with top law firms and financial institutions, these solutions are specifically designed to be up and running quickly, with seamless systems integration and plug-and-play functionality for lower implementation costs and higher return on investment (ROI).
The NES Financial Trust and Escrow Suite brings a number of substantial benefits including:
- Scalability: The solution is suited for implementations of all sizes. By supporting an unlimited number of sub-accounts, organizations can easily create a variety of sub-account types, such as non-interest or interest-bearing. They can establish monthly, quarterly, year-end or anniversary escrow account notifications. Administrators can instantly modify profiles of sub-accounts whenever necessary.
- Full Transparency: All account activities, transaction postings and online document archival are available during every stage of the transaction, and are accessible online 24/7 via password-protected access for viewing and download.
- Security: Each sub-account has the maximum amount of FDIC coverage.
- Increased Efficiency: Basic accounting and management tasks can be performed easily with automated functions, including daily cash reconciliation, automated reports and email notifications. The solution can post deposits, accurately calculate interest or transfer funds from one account to another, all in a streamlined process.
- Compliance: An automated workflow engine controls all the account administration processes, ensuring that no steps are missed and that state and federal compliance requirements are met throughout the entire lifecycle of the account.
Law firms, financial institutions and organizations dealing with trusts and complex multi-party escrows can find out more information regarding the NES Financial Trust and Escrow Suite by contacting NES Financial at (800) 339-1031. Additional information on NES Financial is available at www.nesfinancial.com.
About NES Financial
NES Financial (NESF) is the nation’s leading provider of secure, transparent and compliant financial administration and 1031 exchange solutions for Fortune 500 companies, financial institutions and law firms. Combining proprietary state-of-the-art technology and outstanding client services with subject matter expertise in trusts, escrows and 1031 exchanges, NESF delivers flexible and scalable solutions that safely process over 70 billion dollars each year.