24 October 2017
Find out more

Midas deploys Trintech cash reconciliation system

18 July 2005  |  1583 views  |  0 Source: Trintech

Trintech (NASDAQ: TTPA), a leading provider of transaction reconciliation and payment infrastructure solutions, today announced that Midas, Inc. (NYSE: MDS), has selected ReconNET for use in their company operated shops to automate the verification and reconciliation of cash, credit card transactions, and purchase cards, which are used by stores to buy parts from third party suppliers.

The installation of ReconNET is enabling the company to improve daily productivity, reduce write-offs, and increase daily visibility into cash balances.

Midas, with headquarters in Itasca, Ill., is a franchisor and operator of automotive service shops in 19 countries. There are nearly 1,800 shops in the United States and Canada, of which all but 70 company-owned shops are operated by independent franchisees.

"Time-consuming, manual daily and month-end reconciliation exposed us to occasional risks, including late or missing deposits. Now we reconcile accounts and escalate exceptions much faster than we did with our manual system. With ReconNET, we're able to resolve issues quickly, reducing the potential for loss," said Jim Haeger, Vice President and Controller for Midas. "Additionally, automated daily and month-end reconciliation has helped us eliminate the need to hire temporary help - this means thousands of dollars in savings each year."

"True business efficiency comes from automating reconciliation processes," said John Harte, General Manager of Trintech's Funds Management Systems Division. "We're pleased to bring a new level of efficiency to Midas, as well as a globally recognized and respected brand name to our customer list. We feel their choice of ReconNET reflects very positively on the flexibility and reliability of our software."

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.atos.netvisit www.innotribe.comvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
20392 views comments | 31 tweets | 44 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
15494 views comments | 24 tweets | 32 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
11132 views comments | 12 tweets | 23 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
9246 views comments | 15 tweets | 29 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job