CINC Systems announced yesterday the launch of TresRE, a treasury management solution that brings banking, software, and payments together for real estate managers who have long been forced to swivel chair between legacy accounting and banking solutions that aren’t connected by middleware.
CINC Systems was founded in 2005 by third-generation banker Bill Blanton, who streamlined association management companies’ banking, software, and payments under one platform and modernized the industry in doing so. Because of that integration, CINC Systems’ HOA accounting and management software has become the largest in the association management space.
CINC clients have been able to conduct their online banking – such as making transfers, pulling statements, examining check images and reconciling their books – inside CINC’s accounting software. Effectively, CINC customers never need to log into bank portals that aren’t designed for real estate.
“Our CINC customers, on average save hundreds of hours per week banking inside our software,” said Shea Dittrich, Chief Revenue Officer for CINC.
In 2018, CINC Systems launched Paygami. This product provided real estate management companies access to CINC’s digital-and check-payment platform, as well as its online banking platform, regardless of whether they used the company’s accounting software. CINC’s payment platform processed over $6 billion in payments volume in the last twelve months and includes 14 lockbox locations with a one-of-a-kind, real estate focused process that matches payments to residents at a 99.74% rate.
The launch of TresRE expands the previous product offering by including the integration middleware that has long powered CINC. The same integrations that made CINC’s accounting software clients efficient and successful are now available to real estate managers using multiple other software systems, including Jenark and FRONTSTEPS Caliber.
Several new partnerships with software companies serving additional real estate verticals, management companies and banks will be announced in the coming months.
“This is an exciting time,” Dittrich said. “We believe TresRE has the opportunity to drive efficiencies across all segments of real estate. A ‘swivel chair’ approach to reconciling numerous accounts at the end of the month is debilitating and requires teams of people across multiple departments. TresRE can accomplish this in just a few clicks,” he concluded.
Valley Bank has selected TresRE to power real estate payments across multiple real estate verticals. Currently, clients at Valley access the product via a user-friendly online banking platform. Marc Nuzzolo, Senior Vice President, is excited to have his clients’ software integrated to the payments platform and his clients’ banking information.
“It’s really powerful,” Nuzzolo said. “With TresRE, I can add new real estate clients, provide them with better, efficient processes that eliminate manual reconciliations, ensure their payments are matched to the right residents and simply make their lives easier.”
CINC Systems’ accounting software will remain solely focused on the association management space. TresRE will serve banks, property management firms and software providers who cover the real estate industry at large.
“Our network of integrations continues to grow. Today, we have over 30 integrated bank partners and software integrations and remain in deep discussion with many more bank and software companies across all verticals, as we see a tremendous opportunity to transform the banking experience for real estate managers.” said Robert McCullar, Chief Operating Officer at CINC Systems.