The American Red Cross Selects Hosted Versions of Trintech’s ReconNET to Automate Reconciliation and Account Balancing Processes and AssureNET GL to Improve Accounting Compliance
Dallas, Texas/Dublin, Ireland – March 2008 – Trintech Group Plc (NASDAQ: TTPA), a leading global provider of integrated financial governance, transaction risk management, and compliance, today announced that the nation’s premier emergency response organization, the American Red Cross, has selected ReconNET to automate the reconciliation of their disbursement accounts and AssureNET GL to automate and control general ledger account reconciliation processes and closing tasks and activities. Through over 700 locally supported chapters and a global network of 186 national societies the American Red Cross offers neutral humanitarian care to victims of war and those of devastating natural disasters. Additionally, the organization offers compassionate services to help the needy; support and comfort military members and their families; collect, process, and distribute lifesaving blood and blood products; promote health and safety; and provide international relief and development programs.
Trintech’s ReconNET is intended to meet the American Red Cross requirements for advanced matching algorithms; general ledger integration; and built-in research features that automate escalation of open items and report on incidents and exceptions. Integrated with ReconNET, AssureNET GL should provide the organization with the ability to standardize processes across their enterprise, control the accounting close process, verify and certify work in remote locations, and increase efficiency, visibility, and compliance. The reconciliation solutions are hosted in a state-of-the-art, secure facility where the highest standards are employed to ensure the absolute integrity of American Red Cross data. Trintech’s infrastructure is SAS 70 Type II compliant, as certified by a Top-Five accounting firm.
“During a natural disaster, we have some very specific and often complex reconciliation needs. ReconNET is expected to streamline and accelerate disbursement reconciliations, eliminate losses due to error, and tighten our financial controls,” said Martha Zweier, Director, General Accounting for the American Red Cross. “The tracking function within AssureNET GL should allow us to monitor reconciliations at every stage, better enforce policies and procedures, and ensure the absolute integrity of our data.”
“It’s a mark of distinction to have been selected by the American Red Cross. We’re pleased that our automated solutions can help them better focus their resources on strategic activities especially in times of crisis,” said John Harte, EVP and General Manager for Trintech. “Technology and expertise under an ASP model is an attractive value proposition for our customers. For a predictable monthly fee that frees up intellectual and monetary capital resources, we can provide infrastructure hardware, software, and system management necessary for a variety of account reconciliation and funds management processes - all configured to meet a client’s unique business processes.”
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