RynohLive Frequently Asked Questions
Here’s a list of what we’re asked most often about our software.
What is RynohLive?
RynohLive is a patented automated escrow management system that provides the settlement agents the necessary tools to track and manage their escrow accounts. These tools include: daily three-way reconciliation, daily and monthly reporting including tracking and alerting of critical disbursements, as well as integration with bank Positive Pay systems.
How does RynohLive work?
By monitoring activity in the settlement software as well as the escrow bank accounts, RynohLive utilizes unique algorithms to automate the reconciliation process and provide daily reporting on account activity.
What is the cost?
RynohLive clients are invoiced on closed files, which are defined as a file containing a minimum of single deposit and 3 disbursements. The cost per file is significantly discounted with the number of files that are closed by the agents. To learn more about our pricing, request a demo!
How do you obtain access to the settlement software and our escrow accounts?
The RynohLive Service Manager adaptor is installed to connect with your escrow software. This Service Manager updates every 10 minutes and identifies any new or updated data entered into your settlement software. It will also allow the reconciliations to be completed back into your settlement software once they are completed in RynohLive.
To collect daily bank transactions, RynohLive requests that a user login be set up for RynohLive with the bank’s online banking system. This is read only permissions, no entitlements to wires or transfers. RynohLive needs only to see transactional information.
How does RynohLive work with Positive Pay?
In most cases, RynohLive will integrate with your bank’s Positive Pay and automate the daily file submission. If your bank requires a token to submit the files for Positive Pay, RynohLive will not complete the integration.