Trintech’s ReconNET™ automates daily, monthly, and periodic reconciliation and account balances to help you increase efficiencies, tighten controls, reduce risk, leverage cash, and make more informed decisions overall.
The solution is used by more than 500 organizations worldwide in virtually every industry including apparel, automotive, banking, financial services, retail, education, healthcare, insurance, pharmacy, telecommunications, utilities, transportation, grocery, and business services.
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Effective operational account reconciliation enables you to spend less time on low-value activities and more time on the value-added areas that matter most. Many ReconNET customers experience:
• Reconciliation productivity increases of 100%
• Reduction of write-offs of 30% or greater
• Reductions of 50 or more in idle funds
• Bank-to-Book reconciliation efforts reduced from weeks to days
• Knowing where cash is at any time
• Multi-million dollar annual resource savings
• Ability to perform specialty reconciliation specific to their organization
ReconNET’s powerful matching algorithms match transaction data and automatically reconcile accounts, including those with a high volume of transactions. This capability allows its users to automatically reconcile credit and debit card transactions, identify shortfalls and pass PCI compliance audits.
Beyond its baseline reconciliation tools, ReconNET will soon provide additional reporting capabilities; built-in reports, detailed KPIs and a dedicated reporting platform. As CFOs are increasingly being asked not just to report results but also help improve the business’ performance through actionable business intelligence, ReconNET Advanced Reporting will deliver a timely solution for these needs. The new addition will provide timely business intelligence through a multi-dimensional, on-demand view of financial performance based on reconciliation data.
To learn more about ReconNET’s enhanced capabilities, read the blog post.
You can maximize balances in interest-bearing, concentration accounts by eliminating the need for proprietary bank ACH systems and their associated fees. ReconNET automates the ACH calculation process and reduces your company’s exposure to ACH overdraft fees.
ReconNET automates daily, monthly, and periodic reconciliation and account balancing processes, especially high-volume transaction accounts, through powerful matching algorithms to electronically match transaction data and automatically reconcile accounts.
The solution features both detective and preventative controls to improve audibility and compliance with Sarbanes-Oxley (SOX) requirements, BASEL II, and other compliance mandates.
The powerful reporting tools in ReconNET allow you to compare key performance metrics to optimize processes and financial relationships through easily accessible reports.
During the reconciliation process, ReconNET detects and flags issues for review, resolves exceptions quickly and eliminates losses due to fraud, error or unnecessary charge-backs. The solution provides insight into your unique business trends allowing you to reduce losses proactively. All useful information needed to resolve exceptions is available in one place.
ReconNET features a universal file processor, automatic matching, interactive matching, search and entry, Source A to Source B matching, as well automatic archiving are all included in ReconNET.
“Reporting from ReconNET is a big plus for us. We’ve created numerous custom reports with the data now available and can share them quickly with our stores, district managers and loss prevention personnel. Management enjoys and has grown to depend on the information, but an unforeseen advantage is how everyone has a greater sense that we’re closely monitoring their performance.”
“This has been an outstanding success story for Jenny Craig. All ReconNET modules are now operational, staff has been trained and we’re efficiently reconciling funds on a daily basis. Trintech’s technologies have transformed how we conduct business and the product has paid for itself in the 12 months since re-launch.”
Trintech’s reconciliation solution provides Dr Pepper Snapple Group with true visibility into the status of every general ledger reconciliation, increased compliance and accountability throughout the organization, a more efficient method of communicating with auditors and more timely access to data and KPIs to support executive decision-making. After just a 90-day implementation process, DPSG began using Trintech’s reconciliation solution. Almost immediately, the company was able to reallocate resources to more strategic...View Customer
This complimentary guide illustrates key reconciliation challenges that your company may be facing and how you can use technology to solve these. Learn how automation allows you to spend less of your time data gathering and matching and more on reducing risk and ensuring integrity.Read More