Press Release
Rynoh Set to Bulk Up Its Account Verification Features With Customizable Fraud Detection Enhancements!
RynohVerifi Upgrades Set to Launch July 2024
Virginia Beach, VA | July 9, 2024.
Rynoh is enhancing its payment fraud detection software by adding some groundbreaking features to its account validation product aka RynohVerifi. These upgrades are available to all current and prospective clients through the Rynoh Software Bundle 2.3 release.
Rynoh Verifi has been upgraded with customization and flexibility in mind. Rynoh users now have the power to input payment data directly into their Title Production System which is integrated into Rynoh or they can execute payee account verification through manual input into the Rynoh Sync platform. Rynoh users can also set specific parameters to determine which payment accounts they would like to verify and easily whitelist recurring ‘known payees’ which are already verified.
Robust, role-based permissions also allow administrators to set controls for who can approve account verification overrides to further enhance the disbursement control environment and reduce payment fraud risk.
These new customizable fraud detection features work within the RynohVerifi module. Administrators can customize workflows through manual verification of transactions before funds are disbursed. Allowing business leaders to carefully review payments and catch any potential fraudulent activity before it happens.
Customization options allow users to tailor the fraud detection process to their specific title operation. Users can set rules to consider factors such as transaction amounts, payee names, and payment types when determining which payments to verify. “Ensuring the security of real estate transactions and providing flexible tools to help guard against payment fraud is of utmost importance,” emphasized Jim Weld, Rynoh General Manager. “We are thrilled to introduce these new customizable features to our RynohVerifi product, which helps create a customizable, efficient, and disciplined control environment for our clients’ funding process augmented by seamless banking integration technology. Our unwavering dedication involves collaborating with clients and industry partners to enhance the safety and reliability of real estate closings. Through this service, Rynoh continues to empower our clients by enabling effective management of escrow accounts, mitigating compliance risks, and fostering a resilient funding environment. This launch exemplifies our team’s ongoing commitment to developing new solutions that cater to our clients’ evolving needs and future challenges.”
The service is available to clients and new customers as part of Rynoh’s bundled that includes: automated escrow reconciliation (RynohLive), escheatment (RynohEscheat), operating account management (RynohOpEx), and account verification (RynohVerifi). Rynoh also offers advanced tooling for real estate brokerages (RynohRealty) and residential construction lenders (RynohBuild).
Validate Account Ownership
With RynohVerifi
New Verification & Fraud Enhancements
RynohVerifi provides account validation services that will ensure the payee and bank account are associated. Quickly and confidently mitigate transaction fraud and determine whether an account is open and in good standing with real-time validation of user-provided accounts.
About Rynoh
Founded in 2007, Rynoh is a patented, cloud-based financial management and fraud prevention system that has revolutionized escrow account management practices. Since it was introduced, Rynoh has identified and prevented escrow theft, wire and ACH fraud, stopped employee embezzlements, eliminated check fraud and disbursing errors, and has saved our clients millions of dollars. Rynoh seamlessly integrates with your accounting software programs to provide the industry’s top financial security software solution. Rynoh offers continuous end-to-end accounting auditing, daily reconciliation, transaction monitoring, anti-fraud algorithms and built-in automated reporting.
Media Contact:
PJ Yates, Head of Marketing
pj.yates@rynoh.com
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