The AFP and Trintech sign service code licensing agreement

Source: The Association for Financial Professionals

The Association for Financial Professionals (AFP) and Trintech have signed an agreement that licenses Trintech to include the 2004 AFP Service Codes CD-ROM in its product offerings. The inclusion of the AFP Service Codes enhances Trintech solutions by providing customers with a vital resource that supplements the analysis and reconciliation of their commercial banking fees.

The AFP Service Codes, formerly TMA Service Codes, are the industry standard for identifying balances and service charges that appear on bank account analysis statements. Account analysis statements are detailed invoices of charges for bank services used by commercial banking customers. Companies that have automated this process have realized significant savings by correcting bank errors, restructuring bank relationships and creating administrative efficiencies. Currently, Trintech is the only provider of account analysis software to commercial banking customers licensed to include the AFP Service Codes with its applications.

"Trintech has long been recognized as a leader in account reconciliation software, and its decision to allow customers to leverage the AFP Service Codes in bank relationship management will further establish Trintech as a market leader in account analysis," said AFP President and CEO Jim Kaitz. "We are excited that Trintech has recognized the value the AFP Service Codes provide to corporate financial professionals in managing their bank relationships."

Trintech's Funds Management solutions are optimizing performance in over 400 leading companies in retail, hospitality, food service, insurance, banking, government and other industries. Trintech's well-known ReconNET reconciliation suite streamlines the daily reconciliation of business transactions to reduce costs and risk, increase financial controls, and improve compliance and auditability. Its Bank Fee Analysis software helps businesses reduce bank fees through automation of the analysis of electronic bank statements. Trintech also offers a fully-integrated solution for efficient daily bank data collection and processing through its DataFlow Transaction Network.

"Trintech's Bank Fee Analysis software is helping companies significantly reduce their bank fees through a simple web interface," said John Harte, General Manager of Trintech's Funds Management Systems Division. "Our licensing agreement with the AFP now enables Trintech customers to gain even greater insight into their banking relationships and services."

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