Provident Bank Selects Trintech To Improve Reconciliation Functions Across Its Enterprise
Trintech’s ReconNET and AssureNET GL to Help Provident Bank Automate Account Reconciliation and General Ledger Reconciliation, Review and Certification Processes
Dallas, Texas/Dublin, Ireland – 17 July, 2006 - 17 July, 2006 - Trintech Group Plc (NASDAQ: TTPA), a leading provider of transaction reconciliation and payment infrastructure solutions, today announced that Provident Bank, the second largest independent commercial bank in the state of Maryland, has selected Trintech’s ReconNET for account verification and reconciliation, and AssureNET GL for automating GL reconciliation, review and certification processes. The implementation of ReconNET is part of a multi-phase project by Provident Bank to ensure compliance, reduce costs and improve performance across its enterprise. AssureNET GL will help Provident Bank to enhance controls around its 20,000 general ledger accounts, while providing distinct workflow management for reconcilers, reviewers and approvers.
Provident Bank, with over $6.4 billion in assets, serves individuals and businesses in Maryland, Virginia, and Southern York County, Pennsylvania through a network of over 150 banking offices.
“We had an urgent need to automate manual processes and to improve internal control and compliance,” said Jay Fitzhugh, SVP Strategic Directions for Provident Bank. “ReconNET and AssureNET GL will help us eliminate paper, reallocate resources, and improve our analytical capabilities. With AssureNET GL, we’ll be able to track GL reconciliations more effectively, and better understand, report and track aged items. This will help us assess quality issues and improve regulatory compliance.”
“We are delighted that Provident Bank has chosen ReconNET and AssureNET GL, over other market solutions, to improve performance across their enterprise,” said John Harte, General Manager of Trintech’s Funds Management Systems Division. “Financial organizations such as Provident Bank can make significant efficiency gains and lower operating costs by using such automated solutions. We are pleased that they have joined the growing number of prestigious financial services clients which recognize Trintech’s reconciliation software for its superior performance and flexibility.”
About Provident Bank
Provident Bankshares Corporation is the holding company for Provident Bank, the second largest independent commercial bank headquartered in Maryland. With $6.4 billion in assets, Provident Bank serves individuals and businesses in the key urban areas of Baltimore, Washington and Richmond through a network of 152 offices in Maryland, Virginia, and southern York County, PA. Provident Bank also offers related financial services through wholly owned subsidiaries. Securities brokerage, investment management and related insurance services are available through Provident Investment Center, and leases are available through Court Square Leasing and Provident Lease Corp. For more information, visit www.provbank.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 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).
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