Definition of ' tercerización'

http://definicion.de/tercerizacion/


Treasury Management

May 2015

The following article was originally published in Capital One Bank’s Capital Perspectives newsletter

Managing client escrow funds creates an operational burden for an organization. It’s a task that doesn’t add to the bottom line but, for some, is a required part of doing business. Automation, however, can ease the pain.

To help organizations improve upon inefficient manual escrow management practices, some banks now offer online sub-accounting platforms for escrow agents and other entities that manage Third-party funds or require separate accounting for escrow funds. This paper will explain the advantages of using an online solution and review key features and functionality that organizations should look for when shopping for one.

FULFILLING A BUSINESS REQUIREMENT

Many different types of organizations are required to manage escrow funds for their clients. Property management companies and law offices head a list that includes — among others — title companies, courts, municipalities, and companies in the pre-need market, such as funeral homes, cemeteries, crematories and nursing homes.
Such organizations receive no monetary incentive for managing escrow funds or tenant security deposits. They don’t receive a portion of the interest or any earnings credit on the accounts they manage. For many, holding escrow funds is just a time-consuming chore.

Even so, these organizations are held to high standards when executing their escrow funds management duties. Some organizations tasked with escrow management duties must comply with various laws, rules and guidelines. For example, property management companies are governed by state (and sometimes local) tenant security laws, and law offices must follow state-specific escrow management rules and guidelines.

If organizations with these duties fail to meet applicable standards, they run the risk of being accused of mismanaging their clients’ money. Not only can such accusations tarnish an organization’s reputation, but they can also subject it to other damaging consequences, including monetary penalties and, in the case of a law office, the loss of a license to practice.

Typically, applicable laws and guidelines require that escrow and tenant security balances be held in an account separate from an organization’s operating funds. However, such laws and guidelines generally do not require the use of a bank’s escrow funds sub-accounting services.

Why use those sub-accounting services then? Simply put, it’s a best practice. Organizations generally are more efficient and perform better when they focus on their core competencies — and, for property managers, law offices, title companies and the like, escrow funds management may not be one of those. Banks have escrow funds management specialists who understand the unique nuances of the different business segments and can help them meet many of the applicable requirements. Banks also assist with interest calculation, disbursement and IRS tax reporting on these accounts, significantly lessening the burden felt by the organization. Many banks today have invested in technology that automates the tedious duties of opening, maintaining and closing client escrow and tenant security deposit accounts.