North Fork selects Trintech's transaction reconciliation technology
26 June 2006 | 1759 views | 0
Trintech Group Plc (Nasdaq: TTPA), a leading provider of transaction reconciliation and payment infrastructure solutions, today announced that Fortune 500 company North Fork Bancorporation Inc. (North Fork), has selected Trintech's enterprise suite to help streamline its reconciliation and exception management processes, and mitigate risk across eleven functional groups representing over 55 reconciliation processes.
North Fork will use ReconNET for account verification and reconciliation, the DataFlow Transaction Network to collect, format and deliver its daily investment banking data, and AssureNET GL for automating GL reconciliation, review and certification processes.
"Our primary objective was to replace our legacy system; however, further discussions made us recognize that the entire organization could benefit from standardizing on a single reconciliation platform," said Michael Renna, SVP for North Fork Bank. "With Trintech's solutions we'll be able to effectively support our significant growth, streamline processes, improve reporting and analysis, and increase security and internal controls across our entire enterprise."
Trintech's solutions automate complex daily, monthly and periodic internal processes to help finance and treasury staff of large enterprises (including enterprises with high-volume processing requirements) tighten controls, reduce risk, cut costs, leverage cash and make more informed decisions.
By importing and delivering bank data with DataFlow, and automating daily verification of deposits and research functions with ReconNET, North Fork intends to resolve transaction variances and reduce write-offs. AssureNET GL complements ReconNET and will be used to assign reconciliation and review responsibilities, schedules, and formats for individual accounts or groups of accounts. This functionality is particularly valuable to organizations that seek to standardize the format of reconciliations without sacrificing flexibility.
"Trintech is pleased to be working in partnership with North Fork. Together we're implementing an innovative control framework to centralize core financial processes, mitigate risk and increase compliance," said Kevin Connelly, Senior Vice President and Managing Director, the Financial Services Group of Trintech, Inc. "This is a strategic win for us and it underscores our expansion in the North American Financial Services marketplace."