A scalable banking relationship should simplify the work behind every new property—from account opening and receivables to payments, reconciliation, and reporting.
Efficient onboarding. A repeatable process for establishing owner entities, accounts, entitlements, and fraud controls can reduce implementation friction and help new properties become operational faster.
Flexible receivables. Support for ACH, wire, card, checks, and lockbox payments allows you to offer a full suite of options for tenants. It can help you centralize cash flow to collect cash for owners faster and more efficiently. Truist integrated receivables can help you to gather more information to enrich payment data, automate matching and reconciliation, and route exceptions for review.
Secure payables. ACH, wires, real-time payments, purchasing cards, and virtual cards can offer property managers more choices for payment methods, whether for vendor payments, capital outflows, or transfers between entities.
Workflow integration. Connectivity with accounting, property-management and payment platforms can reduce duplicate entry and keep information moving across the systems your teams use.
Reconciliation and control. Automated data feeds and richer remittance information can make the monthly closing process run faster through the regular use of automatic payment matching, electronic remittance information, daily reporting, exception management, and general ledger integration.
Deposit account control agreements.
When financing arrangements require a deposit account control agreement (DACA), an experienced banking team can help coordinate the bank-specific process with owners, lenders, and counsel. Requirements vary by property and lender, particularly when a non-bank lender is involved, so early planning is vital.