Trintech (NASDAQ: TTPA; Prime Standard: TTP), a leading provider of transaction reconciliation and payment infrastructure solutions, today announced the release of ReconNET 7.1, the latest version of its flagship reconciliation and account balancing application.
ReconNET 7.1 features increased levels of intelligence built into the system, reducing the expertise required at the user level, and interface improvements in navigation and display to improve productivity. Additionally, ReconNET 7.1 includes expanded support for Sarbanes-Oxley financial disclosure requirements, including enhanced audit trail capabilities.
"ReconNET 7.1 puts more expertise and power into the system, making it easier for users to complete the reconciliation process faster, and giving them more time to spend on other accounting issues," said John Harte, General Manager of Trintech's Funds Management Systems Division. "Trintech understands the daily challenges of reconciliation and continues to add real-world-based intelligence into the system to allow businesses to better meet their finance, treasury and accounting challenges head-on."
Trintech is also stepping up its commitment to helping companies meet Sarbanes-Oxley audit and reporting requirements with ReconNET. The new version of ReconNET has expanded audit trail capabilities that track financial data and system settings in even more detail.
"The new ReconNET solution delivers faster results, more efficiently. It will further improve organisations' understanding of how and where errors are arising," continued Harte. "Users will be better able to make informed decisions and provide senior management with greater insight into internal processes. This results in significantly reduced operational losses, improved performance, and a greater ability to meet compliance requirements."
With additional intelligence built into ReconNET 7.1's new interactive reconciliation display, it takes less time for users to reconcile accounts. The interactive reconciliation screen color-codes highlight exactly which fields match and don't match, and if a set of items can not be reconciled, a plain-English message explains the reason why. In addition to gaining these and other improvements in matching, users can search for and research items without ever leaving the reconciliation screen.
The automation of processes of other common and repetitive tasks also benefit from new features in this release. ReconNET 7.1 allows tasks to be automated through enhanced, rules-based "jobs" that are smart enough to check for certain conditions - like data file availability, or success of a previous job step - and to wait or try again if something isn't ready. These new smart job features help finance and accounting staff automate more of their common tasks for greater consistency and time-savings.