East West Bank Selects Trintech’s Solution Suite for Transaction Reconciliation and General Ledger Reconciliation, Review and Certification
East West Bank Turns to Trintech for Increased Efficiencies and Tighter Operational Controls
Dallas, Texas/Dublin, Ireland – 13 November 2006 – 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 East West Bank, the second largest commercial bank headquartered in Los Angeles, has selected Trintech’s ReconNET to automate Federal Reserve reconciliations, and AssureNET GL to automate GL reconciliation, review and certification processes. Trintech’s solution suite will increase enterprise efficiencies, and enable East West Bank to more effectively manage operational risk.
East West Bank, with $10 billion in assets, is a full-service commercial bank serving consumers and businesses throughout California and Houston, Texas, many of which are engaged in business in the Asia/Pacific Rim region.
“We’re growing rapidly, and we wanted solutions in place that would significantly improve our ability to complete accurate and timely reconciliations, and facilitate appropriate controls without adding additional costs,” said Liz Mendoza, SVP and Controller for East West Bank. “Improved process controls, management information and a comprehensive audit trail will give us the tools we need to work more effectively.”
As proven solutions in banking, ReconNET and AssureNET GL will streamline and centralize all of East West Bank’s reconciliation and exception management processes, automating workflows and improving management reporting. ReconNET will enable efficient control of transaction reconciliations, including the resolution of exception items for daily and monthly reconciliation. AssureNET GL complements ReconNET, and will be used to assign reconciliation and review responsibilities, schedules, and formats for individual accounts or groups of accounts. AssureNET GL will help the bank improve preventive controls and improve regulatory compliance.
“East West Bank is a highly respected financial institution. We’re proud to add them to our growing list of financial services customers,” said Kevin Connelly, Senior Vice President and Managing Director, the Financial Services Group of Trintech. “Our unique approach has once again proved successful in delivering discernable benefits, including the ability to increase efficiencies, strengthen internal controls, and improve compliance with Sarbanes-Oxley.”
About East West Bank
East West Bancorp is a publicly owned company, with $10.0 billion in assets, whose stock is traded on the Nasdaq National Market under the symbol “EWBC”. The company’s wholly owned subsidiary, East West Bank, is the second largest independent commercial bank headquartered in Los Angeles with 62 branch locations. East West Bank serves the community with 61 branch locations across Southern and Northern California, one branch location in Houston, Texas and a Beijing Representative Office in China. For more information on East West Bancorp, visit the company’s website at www.eastwestbank.com.
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 Building, South County Business Park, Leopardstown, Dublin 18 (Tel 353-1-207-4000). For more information, please visit www.trintech.com.
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