News & Events
RynohLive Debuts Automated Transaction Verification System
Virginia Beach, VA -- As the National Settlement Agency reels from fraud conducted during disbursements, RynohLive responds with an industry first automated daily account reconciliation. Designed and built with the Real Estate Settlement industry and banks in mind, RynohLive performs on-going transactional verification reducing opportunities for fraud, error and omission.
Currently the accepted industry standard for account reconciliation of settlement funds is 30 days. It is not uncommon to allow funds to sit in escrow untracked during this period. This can lead to operational hiccups during receipt and disbursement of the settlement funds by the agents and result in financial losses to the consumer.
Dick Reass, President of RynohLive states “There are examples of settlement agents losing tens of thousands of dollars as interest accrues on monies that they have failed to track. This sends all parties involved into a scramble to locate and correct the error, resulting in loss of confidence, time and money.”
Recent advisories from leading national title insurance underwriters mandate that settlement agents only disburse on files that have collected funds, but this process requires human interaction. With the availability of the RynohLive suite of products, financial institutions now have an automated option for daily tracking and alerting for deposits received, not received when expected, or received with incorrect amounts.
One of Virginia’s top community banks is leading the way in transaction verification. “TowneBank has recognized the opportunity to increase our level of service internally and to our clients by leveraging daily tracking for account reconciliation during the settlement process” says Morgan Davis, President of Towne Financial Services. “The integration and use of RhynoLive reduces opportunities for errors and compliments our accounting systems nicely.”
Towne Financial Services and TowneBank have multiple RynohLive deployments and have moved forward in a regionally exclusive partnership and investment in Segin Software, LLC makers of RynohLive. RynohLive is available nationally immediately.
About RynohLive:
RynohLive is available from Segin Software, LLC a Virginia Beach, VA based software developer. Richard (Dick) Reass is president and founder. The RynohLive product has been extensively beta-tested over two years to meet security and banking standards. RynohLive is patent pending and available nationally. TowneBank is an exclusive RynohLive partner in the Hampton Roads region of Virginia and investor in Segin Software, LLC makers of RynohLive. http://www.rynoh.com
About TowneBank:
As one of Virginia’s top community banks, TowneBank now operates 17 banking offices in Chesapeake, Hampton, Portsmouth, Newport News, Virginia Beach, Norfolk, Williamsburg and York County. Towne also offers a full range of financial services through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Insurance Agency, TFA Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, GSH Real Estate Corporation, TowneBank 1031 Exchange, LLC, Corolla Classic Vacations and Corolla Real Estate. Through its strategic partnership with William E. Wood and Associates and Prudential McCardle, the bank also offers mortgage services in all of the offices of both companies in Hampton Roads and Northeastern North Carolina. Local decision-making is a hallmark of its hometown banking strategy that is delivered through the leadership of each group’s President and Board of Directors. With total assets of $2.72 billion as of June 30, 2008, TowneBank is the largest bank headquartered in Hampton Roads. http://www.townebank.com