Use Case:
Celebration Title’s Success With Rynoh
Background
Celebration Title manages a high volume of transactions with 27 bank accounts that require meticulous financial oversight. The organization needed a reliable, efficient system to handle daily reconciliations and prevent fraud, ensuring smooth operations for their real estate closings.
The Challenge
CFO Gail Doulgas of Celebration Title reported that they relied on a third-party auditor to manage outgoing wires and reconciliations. However, this system proved inadequate, especially when mistakes occurred, such as sending funds from incorrect escrow accounts. The manual reconciliation process was time-consuming and error-prone, making it difficult to monitor multiple bank accounts effectively.
Implementation of Rynoh
The integration of Rynoh provided a much-needed solution for Celebration Title’s complex financial operations. Key benefits and features included:
- Real-Time Monitoring and Fraud Prevention: Rynoh’s system enabled real-time monitoring of incoming and outgoing funds, ensuring any discrepancies or unauthorized transactions were immediately identified. Gail highlighted how Rynoh, in conjunction with the bank’s positive pay system, served as a critical fail-safe against fraud, promptly catching fraudulent checks and unauthorized transactions.
- Seamless Integration: Despite initial challenges with certain banks not allowing third-party access, Celebration Title successfully integrated Rynoh with banks that supported the software. The transition to Rynoh was smooth, with minimal delays when adding new escrow accounts.
- User-Friendly Interface: Gail praised Rynoh’s intuitive interface, likening it to a simple matching game. This design made it easy for staff to learn and use, ensuring that employees could quickly adapt to the system and streamline the reconciliation process.
- Efficient Daily Operations: Rynoh significantly reduced the time required for daily reconciliations. Gail noted that what used to take a week could now be completed in minutes, with Rynoh providing constant updates on the status of checks and wires. This efficiency allowed staff to focus on other critical tasks, enhancing overall productivity.
- Detailed Reporting and Analytics: Rynoh’s reporting capabilities provided valuable insights into Celebration Title’s operations. The system offered market share, average prices, and transaction types analytics, helping the organization stay informed and make data-driven decisions. Monthly reconciliations, which previously took considerable time, were now streamlined, ensuring compliance and accuracy.
The Impact
For Celebration Title, Rynoh has been a game-changer, offering robust fraud prevention, seamless integration, and efficient reconciliation processes. The software’s user-friendly interface and detailed reporting capabilities have empowered the organization to manage its high volume of transactions confidently and easily. As Rynoh continues introducing new functionalities, such as enhanced verification systems, Celebration Title is well-equipped to handle future challenges and maintain its commitment to excellence in real estate transactions.
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Automated Escrow Reconciliation | Escheatment | Operation Account Management | Account Verifications