RynohLive: Revolutionizing Account Management Practices

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Richard Reass, Founder & CEO, RynohLiveRichard Reass, Founder & CEO
Typically, reconciliation is a laborious and time-consuming process. It would take an army of auditors and analysts to monitor what is being updated into the accounting system of an organization on a continuous basis, take the statements or files from the bank, and check things off in a database. What makes the processes more arduous is the increasing checks and cyber frauds, scams, and embezzlements, adding to the list of financial and security concerns in organizations. RynohLive was created as a financial management and fraud prevention system optimized for title and settlement agents to proactively manage and protect the money that has been entrusted to them. Keeping in mind the unique needs of the industry, RynohLive ensures that the organization’s accounts are reconciled on a daily basis.

RynohLive connects to the client’s banking data and their settlement software seamlessly in a cyber-secure, cloud-based environment. The comprehensive system comprises of six modules known as RynohPay, RynohRecon, RynohTrax, RynohReport, RynohSecure, and RynohIDW. RynohPay provides automated Positive Pay to the clients to make sure that only the checks authorized for payment are cleared and processed by their bank. The module protects the clients from accounting or posting errors, wire, cyber and check frauds, and embezzlements, be it from internal or external sources. For each Positive Pay upload, RynohPay provides a submission and acceptance confirmation and automatically transmits a file of checks issued to the bank in accordance with the bank’s file update schedule.

Rynoh’s modules are interrelated in functionality and easy to handle. With the ability to reconcile, RynohRecon balances the escrow account every day.

RynohLive connects to the client’s banking data and their settlement software seamlessly in a cyber-secure, cloud-based environment

RynohTrax tracks and validates the funds transferred in and out of the specific accounts and ensures that they are deposited before file disbursement and into the right account. In case of a certain transaction not occuring within the given time frame, a user-defined alert list provides automated notification to the user. RynohReport combines the features of RynohRecon and RynohTrax and provides automated, all-inclusive daily and monthly reports. This module also maintains an archive of monthly three-way reconciliation reports along with the relevant documents that are required by the auditors and regulators. RynohIDW provides intraday wire notifications so that the user is aware of the wires that are received or sent in real-time without waiting until the next business day.

What makes RynohLive unique is their cloud technology feature which can be easily accessed by everyone. The system has its own internal training module with the ability to communicate and teach the clients on a daily basis regarding the updates on the solution. RynohLive meets the industry’s latest standards on managing accounts and helps businesses by saving their time and money. While providing transparency on the financial transactions occurring within the client’s accounts, RynohLive’s complex system presents no sweat to the end user and runs completely in the background.

RynohLive’s most recent developments include a redesigned, more powerful and sleeker user interface. The company has added robust servers with expanded memory and powerful processors to ensure optimal performance to the user. Firmly focused on furnishing the best solutions, the RynohLive team prioritizes on providing unwavering financial protection and intends to deliver an intuitive, easy-to-navigate and advanced platform to their clients.