Trintech Strengthens its Leadership in the Financial Governance Solutions Market with a New Release of the Unity Suite
Unity 10.1 Integrates AssureNET GL with Financial Close to Improve Management Oversight of Period-End Close Processes and Expands XBRL Capabilities to Ensure Financial Reporting Accuracy
Dallas, TX / Dublin, Ireland – July 2008 – Trintech Group Plc (NASDAQ: TTPA), a leading global provider of integrated financial governance, transaction risk management, and compliance solutions, today announced the newest release of its best-of-breed financial governance application suite for enterprise risk management, accounting compliance, account reconciliation, financial close, and financial reporting. Unity 10.1 delivers enhanced management oversight capabilities of the reconciliation processes as they pertain to period-end financial close and reporting processes. Additionally, enterprises may produce eXtensible Business Reporting Language or “XBRL” compliant financial reports via the One Button Publisher capability.
The integration of Unity Financial Close and AssureNET GL represents one of many innovative product initiatives Trintech has undertaken since the acquisition of Movaris in February 2008. Financial Close provides an enterprise management and compliance framework for the financial close process, including integration of related compliance and risk and financial reporting activities. AssureNET GL automates the review, approval, and status tracking of account reconciliations and through Financial Close will provide a management view of account reconciliation status across an enterprise. Within Unity 10.1, the Financial Close application serves as the integration point through which account reconciliation statistics from AssureNET GL are displayed via the Close Task Status Console.
In response to the recent SEC proposal which will require companies to provide financial statement information in a format that will improve its usefulness to investors, Trintech has enhanced Unity’s current eXtensible Business Reporting Language or “XBRL” format tagging capabilities to support the creation and export of XBRL-compliant financial reports. In addition to producing a company’s Disclosure Index (e.g., 10-Q, 10-K, 20-F) in MS Word format, via Unity’s One Button Publisher capability, Unity 10.1 delivers an additional option to output a Disclosure Index in XBRL format for review within off-the-shelf XBRL-ready viewers or Edgarizing software tools.
“XBRL is currently not a mandatory requirement of the SEC, though the regulatory agency is looking at implementing financial reporting standards that include XBRL input and output. This will require firms to implement solutions for deploying XBRL for statistical reporting, regulatory financial reporting, tax reporting, and management reporting,” said Gartner Research Vice President, John Van Decker. “XBRL will enable the office of finance to shift the finance function; it’s through this technology that data can be extracted, aggregated, consolidated, analyzed, and extrapolated with greater consistency.”
“We’re very excited about the release of Unity 10.1. By using Unity, organizations can automate the processes of financial data collection. The use of XBRL will provide major benefits in the preparation, analysis, and communication of information through cost savings, greater efficiency, and improved dependability for all involved in supplying or using financial data,” said John Harte, EVP and General Manager for Trintech. “The management of the entire close process, including account reconciliation activities (via the integration of AssureNET GL with Unity) is one more product development milestone for Trintech, which has been providing best-of-breed financial governance applications for 20-plus years.”
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