Arlington-based Leader Bank has officially rolled out its proprietary security deposit management tool called ZDeposit, the company announced Wednesday.

This free product for landlords and property managers streamlines the opening of tenant security deposits through a completely digital experience. With ZDeposit, landlords and property managers create new security deposit accounts online by taking a picture of a check and inviting tenants to enter their information digitally.

Additionally, ZDeposit automates many of the compliance headaches for landlords such as generating the account disclosure forms, apartment conditions statements and sending the annual interest payments directly to tenants. ZDeposit eliminates the need for trips to the bank or manually filling out paperwork.

“We are excited to launch ZDeposit as a service to help landlords and property managers save time and be more compliant,” Jay Tuli, executive vice president at Leader Bank and creator of ZDeposit, said in a statement. “Customers who are using our products to automate rent collection and security deposits are seeing substantial time savings and better organization in their daily tasks.”

ZDeposit follows Leader Bank’s successful launch of ZRent in 2015, which processes millions of dollars of rent per month and has helped automate rent collection. Leader Bank is currently licensing ZRent to other financial institutions, and plans to begin doing so with ZDeposit later this year.

The $1.2 billion asset bank (as of Dec. 31, 2017) has leveraged its digital offerings to grow deposits over the past few years. Between the end of 2015 and the end of 2017, the bank grew deposits about $234 million.