Provident Bank licenses Trintech reconciliation technology
17 July 2006 | 2177 views | 0
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 Kevin Connelly, Senior Vice President and Managing Director, the Financial Services Group of Trintech, Inc. "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 that recognize Trintech's reconciliation software for its superior performance and flexibility."