East West Bank signs for Trintech reconciliations technology

Source: Trintech Group

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.

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