A Major International Electric Supply Company Selects Trintech’s AssureNET GL and ReconNET to Increase Efficiencies and Improve Internal Controls
Distributor of Electric Parts and Supplies Replaces Outdated Reconciliation System with Trintech’s AssureNET GL and ReconNET
Dallas, Texas/Dublin, Ireland - March 12, 2007
Trintech Group Plc (NASDAQ: TTPA), a leading provider of financial software and services specializing in reconciliation workflow, revenue enhancement, transaction risk management, and compliance, today announced that an international electric supply company has selected AssureNET GL and ReconNET to optimize financial operations processes and improve internal controls. The company will use AssureNET GL, an internal control solution, to manage the overall account reconciliation process, including assigning and tracking reconciliation and review responsibilities, schedules, and formats for individual accounts or groups of accounts. To automate the verification and reconciliation of its bank deposits and credit cards, the company will use ReconNET. Additionally, ReconNET will facilitate the movement of available cash from accounts in depositing banks to a concentration account to maximize treasury income returns.
AssureNET GL and ReconNET will provide this leading distributor of electrical parts and supplies with end-to-end reconciliation, including automated reconciliation for high volume, transaction-intensive accounts, and template-based reconciliation for any remaining accounts. Within this accounting compliance framework, ReconNET will automate daily, monthly and periodic reconciliation and provide matching functionality for one-to-many and many-to-many items. AssureNET GL will automate the review, approval, and status-tracking of account reconciliations; manage the accounting close process; and give management needed visibility to ensure compliance. Managers will know the status of reconciliation for each account - from start to close. They will be able to track, manage and organize hundreds of tasks every period.
Trintech’s solution suite will enhance the speed and timeliness of the company’s reconciliation process, reduce the overall cost of compliance, and provide scalability for future growth.
“We’re very pleased this well known distributor of electric parts and supplies selected our reconciliation software suite,” said John Harte, General Manager for Trintech. “Our best practices approach and our industry-leading solutions will help them better manage increasing transaction volumes, achieve new levels of regulatory control, and drive increased performance and profitability.”
About Trintech Group
Trintech Group Plc (NASDAQ: TTPA) is a leading global provider of financial software and services specializing in reconciliation workflow, revenue enhancement, transaction risk management, and compliance for commercial, financial, and healthcare markets. For over 20 years, Trintech has been providing comprehensive, industry-leading solutions to financial departments seeking greater insight into critical transaction processes. Trintech delivers a configurable, highly scalable platform that incorporates a company’s unique business processes, enabling managers to obtain greater visibility and more efficiently manage business risk throughout the transaction lifecycle. Trintech’s transaction process management solutions include: ReconNET for high volume transaction reconciliation; AssureNET GL for general ledger reconciliation and certification; On-Demand solutions for ASP ReconNET and AssureNET services and the Dataflow Transaction Network for data collection and delivery; and ClearContracts, an ASP service which enables health care providers to optimize contract profitability by reconciling payments received from their patients’ insurers to amounts they should have received from claims under the terms of their respective contracts. Over 450 leading companies across a variety of industries rely on Trintech products and services. Clients include: North Fork Bank, 7-Eleven, Kroger, Regal Entertainment, Accor, UPMC, Farmer’s Insurance Group, YUM! Brands Restaurants, Rohm and Haas, Verizon Wireless, and Ameren.
Trintech’s principal business office is in Dallas, Texas, with international offices in Ireland, the United Kingdom and the Netherlands. Trintech can be reached at 15851 Dallas Parkway, Suite 900, Addison, TX 75001 (Tel 1.972.701.9802). Trintech’s corporate office can be contacted at Trintech Technologies, Block C, Central Park, Leopardstown, Dublin 18, Ireland (Tel 353.1.293.9840). For more information, please visit www.trintech.com.
Trintech contact:
Dallas: Donna Martinez, Marketing Communications Manager, Trintech
Tel. +1 972 739 1611. email:donna.martinez@trintech.com
Published Monday, March 12th, 2007 and filed under Customers
