Snyder’s Drug Stores, Inc. to Improve Operational Efficiency with Trintech’s On-Demand Solutions
Leading Drugstore Chain in the Midwest to Use Trintech’s Hosted On-Demand Solutions for Financial Data Delivery and Account Reco
Dallas, Texas/Dublin, Ireland - March 26, 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 Synder’s Drug Stores, Inc., has selected ReconNET On-Demand and the DataFlow Transaction Network to streamline reconciliation processes across their enterprise. The DataFlow Transaction Network will capture, format, balance, and load daily bank data into ReconNET. ReconNET, accessible via the Internet, will be used to automate the verification and reconciliation of the company’s bank deposits and credit cards.
Snyder’s is a leading drugstore chain in the Midwest, with 110 stores reaching across Minnesota, Michigan, Illinois, Iowa, and Montana. The Katz Group, the second largest operator of drugstores in Canada, acquired Snyder’s in 1999. The Katz Group is among the top 10 largest retail pharmacy chains by pharmacy dollar, according to Racher Press research.
“We’ll eliminate the time and costs associated with supporting and maintaining an operating system. Trintech will own the process until everything is loaded and reconciled,” said John Sams, Director Financial Reporting for Snyder’s. “DataFlow will get the bank data, monitor it, run it, and when my staff start the day, they’ll be able to reconcile data right away with ReconNET.”
On-Demand Solutions give companies access to advanced technologies like ReconNET for transaction reconciliation, Treasury eNET for treasury and cash management, and AssureNET Express for general ledger reconciliation and certification without significant up-front costs. Hosted applications are affordable at a minimal initial investment and modest monthly charges thereafter. Low startup costs provide an accelerated return on investment.
“We’re pleased to have Snyder’s join our growing list of On-Demand clients,” said Darren Heffernan, Vice President On-Demand Solutions for Trintech. “On-Demand Solutions quickly provide real value to clients, including increased visibility; improved cash forecasting and management; accelerated movement of cash; and timelier closes at month-end.”
About Snyder’s Drug Stores, Inc.
Founded in 1928, Snyder’s grew to be a major economic force in the Midwest. In 1999, the Katz Group, one of Canada’s largest private organizations and the second largest operator of drug stores, operating over 300 units in five provinces, acquired the retail pharmacy chain. Today corporate and independently owned Snyder’s stores are located in Minnesota, Michigan, Illinois, Iowa, and Montana. For more information on Snyder’s visit www.snyderdrug.com.
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 Press Contact:
Dallas: Donna Martinez, Marketing Communications Manager, Trintech
Tel. +1 972 739 1611. email:donna.martinez@www.trintech.com
Published Monday, March 26th, 2007 and filed under Customers
