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Idanes Sanchez is Head of Liquidity Product at Capital One Commercial Bank

For many organizations — especially property management firms or those who frequently use 1031 exchanges — managing escrow accounts is an essential part of their business, although one that is labor-intensive and time-consuming. Historically, every stage in the escrow process — from opening an account to producing end of year tax forms for the IRS — required them to interact with their bank. To complicate matters, escrow is subject to a confusing combination of professional standards, state and federal regulations, and IRS reporting requirements, which mean managing escrow accounts requires painstaking attention to detail. Finally, account holders had no real-time visibility into account balances or activity, depending as they did on monthly statements. And when they received their statements, the only way they could determine their overall escrow position was to total the individual accounts.

Ben Turnbull is escrow Product Manager at Capital One Commercial Bank

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