Trintech Group Plc (NASDAQ: TTPA), a leading provider of transaction reconciliation and payment infrastructure solutions, today announced the release of ReconNET ES, the latest version of its flagship reconciliation and account balancing application.
ReconNET ES incorporates major advances in technology that are designed to benefit large multi-national enterprises, including high-volume processing power, significantly strengthened security controls, and support for multiple languages through internationalization. ReconNET ES also includes transaction archival capabilities and improved reporting functionalities, which further reinforce its regulatory compliance capabilities.
"Companies that can rapidly identify and resolve exceptions have the ability to significantly reduce operational losses. The high performance capabilities of ReconNET ES allow a task to be dynamically parceled and distributed across multiple processors, reducing processing time. As a result, data is more rapidly provided to users for exception identification and resolution," said Glen Rudelis, Vice President of Engineering for Trintech. "Throughput tests using customer data have shown a continuous processing rate of over 2.6 million transactions per hour."
With nearly 400 major corporate customers, Trintech understands the daily challenges of reconciliation and continues to add functionality into the solution that allows businesses to better meet their finance, treasury and accounting challenges. Highlights of the functionality introduced in ReconNET ES include:
- High volume processing power for advanced exception management and resolution
- Multiple language support through internationalization - ReconNET ES is currently available in Spanish with support for other languages planned for the near future
- Improved and multi-lingual, multi-country reporting through Crystal Reports XI
- Transaction archival, which enables the movement of data from the production system into an archive system with a comprehensive audit trail
- Single sign-on through Lightweight Directory Access Protocol (LDAP), which strengthens software access security through the control of ID, password and software assignments by IT administrators
- System time-out, which strengthens security by limiting the length of time ReconNET ES is accessible after a user discontinues work in the system
- Data encryption of credit card numbers and other sensitive information, which improves compliance with the Payment Card Industry Data Security Standard (PCI)
- Enhanced audit trail for security control, which enables complete visibility and auditability of business rules, helping enterprises comply with recurring Sarbanes-Oxley audit requirements
- Role-based security, which enables ReconNET ES administrators to assign specific roles and permissions to users.
"The new smart features of ReconNET ES will help finance and accounting staff keep a step ahead of business demands. Additionally, ReconNET ES is fully administered, maintained, and supported by the user. Companies should not have to incur unexpected costs on a daily basis to own and operate the software," said John Harte, General Manager of Trintech's Funds Management Systems Division. "ReconNET ES provides the lowest total cost of ownership for enterprise customers worldwide seeking to minimize risk and maximize efficiency within their operational control framework."