Trintech Group Plc (NASDAQ:TTPA), a leading provider of integrated financial governance, transaction risk management, and compliance solutions for commercial, financial, and healthcare markets worldwide, today announced the release of its innovative Lifecycle Management (LCM) Payments solution for financial institutions.
LCM Payments is a browser-based account reconciliation and positive pay solution that enables financial institutions to provide their clients with a more diverse range of real-time capabilities, based on customer-specific business requirements, while consolidating multiple existing systems into a single integrated platform. LCM Payments supplements other financial services solutions with advanced fraud prevention technology to provide clients with complete visibility into the status of their account reconciliation programs.
Seamlessly integrating into a client's environment, LCM Payments features an intuitive dashboard interface that allows clients to manage a variety of transaction types including, checks, wires, ACH, and unclaimed property. Users can perform adjustments, view check images, submit updates, investigate exceptions, and initiate reports online in real-time.
"The need for payment lifecycle management is important to businesses and banks," said Maggie Scarborough, Research Manager for Corporate Banking, Financial Insights, an IDC Company. "Organizations want highly leverageable transaction management capabilities that provide flexibility to improve transaction quality, manage and improve processes, and facilitate compliance from a single solution."
Through LCM Payments, financial institutions can offer their clients customized workflows for business actions, status, and exceptions, including Paid Not Issued, Duplicate Issued & Paid, Stale Paid, and more. Additionally, clients can review and manage transactions for all types of accounts, including DDA, depository, and corporate accounts. LCM Payments provides both financial institutions and their clients with complete visibility into the entire lifecycle of any payment type, including Check 21 Substitute Checks, IRDs, and Electronic Images.
"Trintech's LCM Payments solution will provide Bank of Nevada and our Western Alliance Bancorporation affiliated banks with a competitive advantage, enabling our clients to mitigate payment risk through improved information reporting and workflow tools," said Michael Campbell, Executive Vice President for Bank of Nevada.
"This product sets a new standard for account reconciliation and positive pay solutions," said Kevin Connelly, Senior Vice President and Managing Director, Financial Services Group, Trintech. "LCM Payments is a next-generation solution that can literally change the way financial institutions interact with their customers. The solution provides a unique value proposition to financial institutions allowing them to increase service levels, generate incremental revenue, and reduce operating expenses. LCM Payments provides a highly transparent view of all internal and external financial transactions and accounting metrics, with control tower enterprise-wide monitoring capabilities."