Use Case: Positively Balanced

Streamlining Reconciliation with The Rynoh Software Bundle – A Success Story With Positively Balanced

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Project Intro

For those committed to enhancing efficiency in real estate transactions, achieving a seamless and effortless balance in financial figures should be a top priority. Streamlining the reconciliation process contributes to the operational excellence required in the industry, and it also establishes a foundation to facilitate the agile and highly convenient experiences that clients expect in the real estate third-party reconciliation domain. But there are major issues facing the industry, especially wire fraud.

Kim Ptak, Director of Personnel at Positively Balanced, shared insights about the company’s journey in fortifying security measures. Specializing in third-party reconciliation, Positively Balanced reconciles around 500 bank accounts, both online and manual, for various clients. After partnering with Rynoh, the company experienced the transformative impact of the software.

Kim Ptak | Director of Personnel at Postively Balanced

Challenges Before Rynoh

Several challenges faced by Positively Balanced before the adoption of The Rynoh All-In-One Software Bundle.

  • Manual Verification: Employees spent significant time manually verifying wire instructions, resulting in time-consuming processes and potential vulnerabilities.
  • Inefficient Payoff Assessment: Assessing payoff wire instructions proved inefficient, with manual methods leading to increased time and potential errors.
  • Dependence on Human Judgment: Positively Balanced faced challenges with the effectiveness of fraud prevention, relying heavily on employees’ experience and training.

A Comprehensive Solution for Payment Fraud Mitigation

Positively Balanced adopted Rynoh’s comprehensive escrow and financial security solution in 2019, seeking a robust solution to the rising threats of wire fraud. Key benefits included:

  • Secure Payment Fraud Detection: Rynoh’s solution allows the secure sharing of wire instructions through a portal, incorporating scanned IDs and live selfies for identity confirmation.
  • Enhanced Fraud Detection Technology: Rynoh contributes to a multifaceted approach to wire fraud prevention, combining people, processes, and technology.
  • Operational Efficiency Through Connectivity: Rynoh facilitates seamless fund collection and disbursement, securely transmitting client bank account information to the financial security platform and the bank portal.
  • Improved Client Experience: Positively Balanced reduced the number of portals, ensuring a centralized and secure experience for clients.
  • Onboarding and Training: The onboarding and training process with Rynoh for the team was seamless. The company leveraged Rynoh’s monthly training refreshes, and all account managers watched new content, contributing to a smooth onboarding process for new employees.

Results: Efficiency Gains and Client Peace of Mind

The overall impact of Rynoh for Positively Balanced is day-to-day. Ptak highlighted that they have 8 to 10 account managers who handle daily, weekly, and monthly accounts, depending on client volume. The software integration with Rynoh proved pivotal in addressing challenges related to manual reconciliation, especially for clients still using traditional software like Ramquest.

Efficiency Gains

  • Time Savings: The adoption of Rynoh led to an average time savings of 60 minutes per file, empowering the team to focus on high-priority tasks.
  • Enhanced Security: Rynoh strengthened Positively Balanced’s overall wire fraud mitigation strategy, providing operational efficiency and instilling client confidence.

Results: Efficiency Gains and Client Peace of Mind

Project Highlights

Ptak emphasized the convenience of all critical information in one platform, reducing the need for manual searches and ensuring that potential issues, such as returned wires, are immediately addressed.

Positively Balanced’s success story with Rynoh showcases the power of adopting technology in the real estate sector. Rynoh not only addressed specific challenges faced by the company but also contributed to operational efficiency, time savings, and enhanced client experiences. As Positively Balanced continues to adapt, the partnership with Rynoh remains a partner in their commitment to elevating security in real estate transactions.

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