Trintech Group Plc (NASDAQ: TTPA), a leading provider of transaction reconciliation and payment infrastructure solutions, today announced that KIT Limited Partnership selected Trintech's ReconNET to automate the verification and reconciliation of its cash and credit cards for its chain of 481 restaurants.
KIT Limited Partnership also selected ReconNET to automatically assign, organize and prioritize its research incidents. ReconNET will enable the company to streamline accounting processes and provide effective risk management and reporting across its enterprise.
KIT Limited Partnership owns and operates 481 quick service restaurants in seven provinces across Canada, including KFC, Pizza Hut, Taco Bell and Long John Silver's. The chain of restaurants serves 1.5 million customers a week and employs more than 8,000 people.
"With ReconNET, we're enhancing our ability to automatically identify, investigate, escalate, route and resolve unmatched reconciliation items. Automatically alerting people in the field of missing deposits was very important to us, and we expect it to improve the speed at which we resolve exceptions," said Tom Hatzitolios, Manager, Treasury & Loss Prevention for KIT Limited Partnership. "The ReconNET solution will bring a new level of efficiency to KIT ensuring improved management of outstanding items and better business reporting across the enterprise."
KIT Limited Partnership conducted an exhaustive review of available reconciliation solutions, and found that Trintech's ReconNET best met their requirements, including: the ability to completely incorporate their business rules by automating workflow to improve auditability and compliance with Sarbanes-Oxley requirements; general ledger integration; and built-in research features that automate escalation of open items and report on incidents and exceptions.
"KIT Limited Partnership is clearly a leader in its field and we are delighted that they have chosen ReconNET to manage their reconciliation needs," said John Harte, General Manager of Trintech's Funds Management Systems Division. "Today's announcement confirms our leadership position in the restaurant sector. Trintech's ReconNET solution delivers powerful benefits that are particularly relevant to restaurants, including more efficient cash management and the ability to reduce the cost of handling large volumes of transaction data. Together these capabilities directly and positively impact a company's bottom-line performance."