Treasury Management Case Study

Efficiency, Efficiency, Efficiency: How a New York developer sought to streamline and protect its financial operations

Argo Real Estate, one of New York’s leading property owners and managers, had ambitious plans to expand its real estate footprint in the 21st century. However, its operations were being hampered by an innovation from the 17th—checks. The company was printing and mailing hundreds of paper checks every month across accounts for its various properties. “We were spending way too much time, money and effort processing these transactions manually,” said Mark Feinberg, Argo CFO. “Plus, checks open a wider door to fraud. We needed help automating these treasury operations.”

The Challenge:

Automating for Advantage

Founded in 1952, Argo owns, manages and brokers real estate, with a portfolio that includes 80 buildings and more than 10,000 residential units in New York and New Jersey. While Argo operations were moving more swiftly, its financial processing faced cumbersome touchpoints which, while they may have had utility in an earlier era, were making it difficult for the company to keep its momentum.

“Our accounts payable processes had been long established and they were deeply embedded in our operations,” Feinberg said. “But interestingly enough, many other real estate companies handle their remittances the same way. We saw that taking a giant leap forward on the infrastructure side could give us a significant advantage over our competitors.”

Eager to begin the evolution, the company realized it needed a strong and experienced banking partner to help it automate payments and streamline internal processes. Agro reached out to Capital One Commercial Bank, which offered both extensive real estate and treasury management expertise.

We were spending way too much time, money and effort processing these transactions manually.-Mark Feinberg, CFO, Argo Real Estate

How Capital One Helped

“We had worked with Argo on previous occasions, so they knew us, and we knew them,” said Scott Dolinko, Vice President of Cash Management for Capital One Commercial Real Estate. “But they had not realized the vast array of treasury management services we could provide.” Dolinko’s team mapped out Argo current operations and developed thinking around what an ideal state would look like in terms of payment processing.

“Capital One set itself apart from the very start,” Feinberg recalled. “They came prepared with third-party providers, fresh thinking, and a complete package that included real-time reporting and rewards in addition to automation. We were happy with their proposal and impressed by their enthusiasm.”

The bank’s specialists were familiar with migrating paper-based treasury operations to electronic platforms, especially with respect to the unique needs of property management firms. “Every day, these companies issue hundreds of remittances to suppliers, contractors, and subcontractors across their portfolio,” Dolinko noted. “We offered true customization, tailored to Argo’s agreed upon specifications.”

We offered true customization, tailored to Argo’s agreed upon specifications.-Scott Dolinko, Vice President of Cash Management, Capital One Commercial Real Estate

The Results:

Moving Accounts From Payable to Paid

Capital One worked closely with Argo’s existing software provider to replace paper checks with one-time-use virtual card numbers.

“Everyone involved in the implementation was committed to its success,” Dolinko recalled. “We were always looking; how can we make this function better, how can we make this process more efficient?”

The virtual card system allows Argo to dramatically reduce the number of checks it writes and streamline reconciliation.

“Capital One is helping us create a stronger foundation to get to where we need to be,” said Feinberg. “So, we can spend less time looking at the future and more time shaping it.”

Take the Next Step

To find out how Capital One Commercial Banking can help your organization streamline its payments processes, visit

About Capital One
Capital One Financial Corporation ( is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $257 billion in deposits and $379 billion in total assets as of 09/30/2019. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.

Source: Capital One reported data as of 09/30/2019, unless otherwise noted.

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