CIT Launches New Commercial Online Banking Platform for Community Association Banking Customers

NEW YORK, Sept. 29, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced the launch of a new commercial online banking platform, designed to maximize efficiency and agility for Community Association Banking customers. With new and enhanced features, the platform offers a robust suite of digital tools.

"We're pleased to introduce this new solution and enable our property management companies to more easily manage their financial needs and the demands of their customers," said Jim Gifas, head of CIT's Treasury and Payment Services unit. "As businesses navigate a more dynamic and digitized environment, our new platform empowers them to stay agile and efficient in managing their operations and focusing on growth."

The new platform delivers a wide variety of integrated payment and receivable capabilities in order to efficiently digitize and seamlessly integrate functions such as remote deposit capture, ACH, wires and other payments. Key features also provide enhanced integration with other products—customers can sync transactions with QuickBooks® or extend the value of their existing accounting software through API connection. Additionally, security features such as automated fraud detection and alert options for fraud attempts help reduce risk.

"We're committed to delivering customized, efficient services that ensure a more streamlined banking experience," said Alan DeTata, president of Community Association Banking for CIT. "To that end, we'll continue to enhance the platform to respond to customer needs and evolving technology."

CIT's Community Association Banking business is a national leader in association banking services, including certificates of deposit, money market accounts, and a variety of digital payments solutions, supported by the expertise of CIT's Treasury and Payment Services business.

About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at www.cit.com/about.

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SOURCE CIT Group Inc.

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