Plymouth & South West Co-operative Society Selects Trintech’s ReconNET for Account Reconciliation
UK Retailer and Community Partner, Plymouth & South West Co-operative Society, to Use Trintech’s ReconNET to Increase Operationa
Dallas, Texas/Dublin, Ireland - January 8, 2007
Trintech Group Plc (NASDAQ: TTPA), a leading provider of financial software and technology services specializing in transaction verification, reconciliation management, process automation, and compliance, today announced that Plymouth & South West Co-operative Society has selected ReconNET to streamline reconciliation processes and increase operational control. The Society will use ReconNET to automate the verification and reconciliation of its cash, cheque payments, and credit cards. Additionally, ReconNET will be used to reconcile supplier statements to A/P ledger and Co-op Society statements.
Plymouth and South West Co-operative Society is an independent retail co-operative owned and controlled by its more than 130,000 members. Retail operations include food stores, a department store, home furnishings, funeral services, hairdressing salons and more. The Co-op Society has a rich tradition of building deep and broad roots in rural communities, as well as investing in difficult and deprived neighborhoods.
“The implementation of ReconNET is part of a wider effort to update finance and retail systems,” said John Freeman, Financial Accounts Manager for the Society Co-op. “We really wanted to put reconciliation software in place that can control our accounts on a daily basis, provide scalability for future growth, and improve efficiencies and controls.”
With the ReconNET solution in place, the Society will be able to carry out detailed daily reconciliation to identify transaction errors and exceptions much more efficiently. In addition, transparency into reconciliation processes will help the company decrease exposure to operational risk.
“We’re pleased that Plymouth & South West Co-operative Society has chosen to implement our flagship transaction reconciliation solution,” said John Harte, General Manager for Trintech. “They join other leading UK clients that have replaced outdated reconciliation systems with ReconNET. ReconNET eliminates the burdensome work of manual transaction processing, while greatly reducing operational risk, and reducing overall costs.”
About Plymouth & South West Co-operative Society
Established in 1859, the Plymouth & South West Co-operative Society is a highly successful, independent retail co-operative, which is owned and controlled by its more than 130,000 members. Retail operations include: grocery stores, home furnishing stores, Derrys department store, funeral and monument services, TV and other electrical equipment repair, and hairstyling. The Co-op has over 80 retail outlets and employs more than 2,200 people. For more information, visit www.psw.coop.
About Trintech Group
Trintech Group Plc (NASDAQ: TTPA) is a leading global provider of financial software and technology services specializing in transaction verification, reconciliation management, process automation 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 logic, enabling managers to obtain greater visibility and more efficiently manage business risk throughout the transaction lifecycle. Trintech’s transaction management solutions include: ReconNET for high volume transaction reconciliation; AssureNET GL for general ledger reconciliation and certification; Treasure eNET for cash management; Bank Fee Analysis; and the DataFlow Transaction Network for data collection and delivery. Over 400 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 Press Contact:
Dallas: Donna Martinez, Marketing Communications Manager, Trintech
Tel. +1 972 739 1611. email:donna.martinez@www.trintech.com
Published Monday, January 8th, 2007 and filed under Customers, EMEA
