Lloyds TSB Asset Finance Implements Trintech’s ReconNET to Improve Internal Controls and Simplify Bank Reconciliation Processes
Leading UK Consumer Finance Company Implements Trintech’s ReconNET to Increase Visibility and Control of its Internal Financial Processes.
Dallas, Texas/Dublin, Ireland - 27 March, 2006 - Trintech Group Plc (NASDAQ: TTPA), a leading provider of transaction reconciliation and payment infrastructure solutions, today announced that Lloyds TSB Asset Finance Division implemented Trintech’s ReconNET to increase visibility and control of internal bank reconciliation processes and to improve efficiencies through automation. The implementation of ReconNET is part of a multi-phase project by Lloyds TSB to ensure compliance, reduce costs and improve performance on bank reconciliations across the enterprise.
Asset Finance Division is part of the Wholesale and International Banking division of the Lloyds TSB Group. Its core business is asset-based lending to the consumer and corporate markets.
“Firstly, we wanted to improve internal controls for our main bank reconciliation process. Against the backdrop of Sarbanes-Oxley and BASEL II requirements, visibility and control were highly important, and we wanted to better understand how our employees were performing. Secondly, we wanted to simplify bank reconciliation processes, and improve accuracy and efficiency,” said David Potts, Finance Director, Lloyds TSB Asset Finance Division. “ReconNET was the best choice for us based on its ability to handle extremely complex multi-stage reconciliation processes. As a result of having the system in place for our main bank reconciliation process, we have been able to reduce the number of staff involved by 50%, reconcile our accounts on a timely basis, better manage exceptions and improve reporting capabilities.”
ReconNET’s powerful reconciliation algorithms streamline many complex transaction-matching routines that had been entirely manual in the past. ReconNET gives Lloyds TSB Asset Finance Division the ability to identify exceptions within one business day instead of a week or more. In addition to automating its daily reconciliation processes, Lloyds TSB Asset Finance Division uses ReconNET’s research module to research non-matching transactions detected by the system.
“We are delighted that an organization of the calibre of Lloyds TSB Asset Finance Division has recognized the benefits of Trintech’s software technology and services. We will continue to work closely with Lloyds to help them reduce operational risk and increase efficiencies across their enterprise,” said Randy Jesberg, Executive Vice President of Trintech International Sales and Partnerships. “Trintech differentiates itself by delivering reconciliation solutions that enable financial services organizations to achieve real business value.”
About Lloyds TSB Asset Finance Division
Created in 2000, Lloyds TSB Asset Finance is part of the Wholesale and International Banking division of Lloyd’s TSB Group.
Lloyds TSB Group is a leading UK-based financial services group that provides a wide range of banking and financial services in the UK and overseas, principally through branches of the Lloyds TSB Bank and its wholly owned subsidiaries, Cheltenham & Gloucester and Lloyds TSB Scotland. Lloyds TSB Group is comprised of three businesses: UK Retail Banking, Insurance and Investments, and Wholesale and International Banking. In 2004, total assets for TSB Group were £280 billion. For more information on Lloyds TSB, please visit www.lloydstsb.com.
About Trintech FMS
Trintech Funds Management Systems (FMS), a division of Trintech Group, provides comprehensive, industry-leading solutions, specializing in transaction verification, reconciliation, process management and compliance. Trintech’s suite of products includes the ReconNET reconciliation product suite, AssureNET GL for managing general ledger reconciliation and compliance, Treasure eNET - an ASP hosted treasury workstation, Bank Fee Analysis, and the DataFlow Transaction Network for data collection and delivery. Trintech’s solutions are optimizing performance in over 400 leading companies in the banking and finance, convenience store and grocery, entertainment, hospitality, insurance, restaurant, retail, telecommunication, and utility industries. Clients include: Bank of America, 7-Eleven, Kroger, Regal Entertainment, Accor, Farmer’s Insurance Group, YUM! Brands Restaurants, Radio Shack, Verizon Wireless and Ameren. The FMS division is headquartered in Dallas, Texas. For more information visit Trintech online at www.trintech.com/fms or call 972-701-9802.
About Trintech Group
Trintech Group is a leading provider of transaction reconciliation and payment infrastructure solutions to retailers, financial institutions, payment processors and network operators globally. Built on 19 years of experience, Trintech’s solutions manage each area of the payment transaction cycle from authentication, authorization, settlement, dispute resolution and reconciliation - enabling its customers to reduce transaction costs, eliminate fraud, minimize risk, maximize cashflow and increase profitability. Trintech can be contacted in Ireland at Trintech Building, South County Business Park, Leopardstown, Dublin 18 (Tel: +353 1 2074000), in the US at 15851 Dallas Parkway, Suite 855, Addison, TX 75001 (Tel: +1 972 701 9802), in Uruguay at Technology & Business Park, Zona America - Ruta 8 Km. 17.500, Of. 006 - Local 310, ZIP 91.600, Montevideo (Tel: + 598 2 518 2250) and in the UK at The Colonnades, Beaconsfield Close, Hatfield, Hertfordshire, AL10 8YD (Tel: +44 1707 632900). www.trintech.com.
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- Trintech FMS
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