E-Closing provides Daily Three-Way Reconciliation reporting that automatically reconciles your banking data with your escrow transactions, providing end-to-end account auditing, daily reconciliation, transaction monitoring, anti-fraud algorithms and built-in automated reporting.
Through a seamless connection in a secure and cloud-based environment, E-Closing’s Daily Reconciliation solution is designed to identify anomalies, potential fraud and audit issues that expose you to potential loss.
ALTA Best Practices
Three-Way Reconciliation documentation at a minimum includes bank statement, reconciliation sheet/summary page with book balance, outstanding deposits list/deposits in transit, open escrow file listing or trial balance and outstanding disbursements list, all as of the reconciliation date. All amounts should equal between the book balance, reconciled bank balance and trial balance.
Positive Pay is an automated cash-management service employed to deter check fraud. Banks use positive pay to match the checks a company issues with those it presents for payment. Any check considered suspect is sent back to the issuer for examination. The system acts as a form of insurance for a company against fraud, losses, and other liabilities.
Gets you “Audit Ready”
Mitigates against potential fraud
Identifies escrow account inconsistencies
Tailored management reports
BIGGEST REASON – We do it all for you