Source: Trintech Group
Trintech Group Plc (NASDAQ: TTPA), a leading provider of transaction reconciliation and payment infrastructure solutions, today announced that Driehaus Capital Management has selected Trintech's ReconNET to automate the verification and reconciliation of its cash activity, cash account balances, trade activity, position balances and foreign exchange trade activity.
ReconNET - an integrated, standardized solution for verification, reconciliation, exception research, account balancing and reporting - is designed to assist Driehaus in the reconciliation process between its clients' accounts and its clients' custodian banks.
Driehaus Capital Management is an institutional money management firm focusing on small cap and mid cap growth companies. Founded in 1982, the firm's clients consist of institutional clients, mutual funds and high net worth individuals.
"Traditionally, we have reconciled some of our daily transactions manually. It is a mode of operation that can be time-consuming and inefficient," said Terri Fredrick, Vice President of Operations for Driehaus Capital Management. "We were looking for a solution that would help increase efficiencies and reduce the risk of errors. We also required a scalable solution - one that would meet our needs today and in the future."
ReconNET's matching functionality for one-to-many and many-to-many item reconciliation will directly support the full operational practices found in this environment. Additionally, ReconNET will help automate position reconciliations associated with the company's clients' custodian banks. ReconNET's built-in detective and preventative financial controls will provide a continuous control framework that will improve auditability and reporting.
"Driehaus was very clear about its requirements. They selected ReconNET for its breadth of functionality, ease of use and its proven ability to reduce risk and improve operational efficiency," said John Harte, General Manager of Trintech Inc. "Organizations look to Trintech to not only deliver proven solutions, but to also understand their specific business needs. We are very pleased to be working with such a well-respected money management organization."