Trintech upgrades ReconNET reconciliation system

Source: Trintech

Trintech (NASDAQ: TTPA; Prime Standard: TTP), a leading provider of transaction reconciliation and payment infrastructure solutions, announced today the release of ReconNET 7.0, the latest version of its leading industry-standard reconciliation and account balancing system.

The release adds new features that extend its existing financial controls and reporting capabilities to facilitate audits and increase customers' compliance with regulatory requirements such as the Sarbanes-Oxley Act. ReconNET 7.0 also includes a number of enhancements that further increase the system's ease of use for daily reconciliation, research and period-end reporting.

ReconNET 7.0, previewed at the company's annual Customer Conference in May, provides enhanced financial control and reporting features in support of Sarbanes-Oxley requirements, including a comprehensive audit trail and audit trail reporting. Additional security has also been added to require user validation before system or reconciliation rule settings can be accessed. With these and other controls in ReconNET 7.0, companies can easily implement and enforce their reconciliation and cash management policies and prompty provide supporting documentation to auditors.

ReconNET 7.0 continues Trintech's emphasis on ease of use and improved user productivity, including an updated visual interface, new reporting capabilities, advanced transaction editing, and more flexible options for distributing research requests for unreconciled items to field offices. The enhancements in ReconNET 7.0 are the direct result of consultations and dialogue with customers about their current objectives and how the product can further help support those goals.

Trintech's Bank Fee Analysis customers will also benefit from enhancements in ReconNET 7.0 by gaining the ability to manually enter account analysis statements for banks that do not provide monthly bank fee statements in electronic format. The new Statement Entry wizard updates totals as entries are made, ensuring statements are entered accurately, and features the ability to create statement templates that minimize repetitive data entry.

"Trintech continues to invest and enhance ReconNET to meet the needs for strong financial controls and to meet the challenges faced by our customers' finance, treasury and accounting departments," said John Harte, General Manager of Trintech's Funds Management Systems Division. "We are committed to maintaining our leadership in the reconciliation market through the addition of high-value features, and extending our capabilities to support new markets such as healthcare, and new applications such as invoice-to-payment reconciliation."

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