What is iTracs?
iTracs is a division of Investors Title that provides trust account solutions, including account reconciliation services, reporting and monitoring solutions, positive pay options, and consulting and implementation services. We tailor our solutions to meet your individual needs.
How does iTracs work?
The basic service centers around world-class RynohLive software. RynohLive retrieves transactions from both your bank and your closing software, and automatically matches those transactions to provide daily reporting and alerts based on that information. Starting with this foundation, iTracs offers customized training and implementation solutions, account cleanup services, consulting, and help with identifying and resolving your exceptions.
What is RynohLive?
RynohLive is the state-of-the art software solution that is the core of iTracs’ services. RynohLive is owned and managed by a third-party company, Segin Systems. When you become an iTracs customer, you will be granted access to RynohLive through a separate licensing agreement with Segin Systems.
Which software systems does iTracs support?
iTracs supports nearly all closing software packages.
My trust account is out of balance and I
don’t know how to reconcile it. Will you take on accounts that need to be cleaned up?
Yes! In fact, getting your account cleaned up and establishing a solid starting point is one of our specialties. We include four hours of cleanup work for each new client. If you need even more assistance than that, we are available, for an additional charge.
Will you help me reconcile my trust account?
Absolutely! We are here to offer guidance and assistance. For simple issues, there is no additional charge, but for more involved work, we are glad to assist for an hourly fee.
What are the technical requirements?
A small service adaptor is installed at your location to facilitate exchange of information between the bank and your closing software. It uses 5MB of disk space. In addition, an internet connection is required.
What is Positive Pay, and how can you help with that?
Positive Pay, and Reverse Positive Pay, are tools that help you reduce the risk of fraud in your bank account. Positive Pay is a fraud prevention tool service that matches checks presented to the bank for payment to an authorized check listing you provide the bank. If a check is presented that is not on the authorized list, the bank follows your instructions on file, such as “do not pay.” iTracs can automate the daily submission of the authorized check listing. Reverse Positive Pay is a tool provided by iTracs and included in the base price which provides you a report showing checks honored by the bank which did not match checks issued from your closing software. Reverse Positive Pay puts the burden on you to monitor the report iTracs provides for exceptions, whereas Positive Pay requires the bank to refuse any checks you didn’t previously authorize on the authorized check listing.
Can iTracs help me comply with Bar rules and ALTA Best Practices?
Yes. While no third-party service can fulfill compliance responsibilities that only you as the fiduciary can, iTracs can greatly reduce your compliance burden. With iTracs, you are well on your way to compliance!