Alliance Association Bank announces advanced lockbox integration

CHANDLER, Ariz., March 28, 2020 /PRNewswire-PRWeb/ -- ConnectLive provides a robust solution enabling timeshare-resort owners' associations to manage their finances. It interfaces seamlessly with leading industry software providers.

AAB is helping software providers incorporate these advances, allowing their resort clients who bank with AAB to see key financial information in one platform, eliminating the need to move between separate lockbox and online banking environments.

The advances in ConnectLive will allow resort clients to look up online balances and owners' payment records, capture images of owners' checks, and transfer funds between internal resort accounts on deposit with ABB.

Auto-reconciliation
Another upgrade, auto-reconciliation, will match bank transactions from the previous day with corresponding transactions within a resort client's accounting software, enabling quick and accurate bank reconciliation.

For resorts, such convenience is crucial. AAB's ConnectLive platform is an extension of the bank's primary service, its fee-free lockbox?an effective cash-management tool that improves a resort's cash flow by speeding up the processing and collection of owners' assessment payments. AAB's lockbox can process paper checks, bill-pay, e-checks, and credit cards.

The only fee associated with any of these payment types is for credit cards. AAB currently accepts American Express, Discover, MasterCard, and Visa.

Encouraging Integration
On the accounting side, QuickBooks; Systems Products International (SPI), Inc.; and TimeShareWare all have basic integration. QuickBooks already has advanced integration.

AAB is working with SPI and TimeShareWare to expand their integration in 2020, and is encouraging other companies in the timeshare-accounting software marketplace to collaborate on integrating their systems.

Meanwhile, for resorts that want to begin using ConnectLive immediately, AAB will help them switch to an integrated software provider and achieve the ability to upload lockbox files. Although the initial setup on the software side may entail some costs, the bank does not charge for its assistance.

Strength and Resources
AAB has provided specialized banking services to the timeshare and homeowners' association industry for 11 years, bringing the best of both worlds: the strong capacity and sophisticated product offerings of a large bank, with the flexibility, commitment, and superior service of a more specialized institution dedicated to community associations nationwide.

AAB is a division of Western Alliance Bank, an affiliate of Western Alliance Bancorporation, one of the largest regional holding companies in the nation with a strength of more than $25 billion in assets. Western Alliance is ranked #1 regional bank by S&P Global Market Intelligence for 2018 and in the top 10 on the Forbes "Best Banks in America" list for five consecutive years, 2016-2020.

AAB is poised to leverage the strength and resources of Western Alliance with the proprietary technology that the timeshare industry has been anticipating.

AAB's professional-management team has over 50 years of industry experience, its customer-service team is dedicated solely to its clients, and its staff are known industry professionals.

For more information, contact Stacy Dyer at 843-637-7181, [email protected], and visit http://www.allianceassociationbank.com.

SOURCE Alliance Association Bank