Trintech Group Plc (Nasdaq: TTPA), a leading provider of transaction reconciliation and payment infrastructure solutions, today announced the formation of its Financial Services Group, a strategic global business unit that will help financial institutions, brokerage firms and insurance companies optimize internal transaction reconciliation processes, workflow and compliance.
The Financial Services Group will provide next-generation account reconciliation and enterprise-wide positive pay solutions to financial institutions for the provision of the same to their small business, middle market and large corporate clients. The Financial Services Group will provide consulting, design, implementation, service and support to help organizations improve reconciliation processes, strengthen internal controls, mitigate risk and increase compliance.
Trintech's solutions, including ReconNET, AssureNET GL, and I-TRACs, are used by many of the world's leading banking organizations, brokerage firms, and insurance companies, including Bank of America, J.P. Morgan Chase, Wachovia Bank, North Fork Bank, ANZ Bank, Lloyds TSB Asset Finance Division, Reuters Shared Services, Dain Rauscher, Farmers Group, and Allianz Life Insurance Company.
Trintech will consolidate its financial know-how under the leadership of Kevin Connelly, who will serve as the Senior Vice President and Managing Director of the Financial Services Group. "Trintech takes a unique approach to delivering value-added, transaction lifecycle and reconciliation solutions to financial services companies worldwide," said Connelly. "Trintech's solutions enhance a bank's fee income and balance equivalent revenue, lower internal reconciliation and external delivery costs and provide far superior account reconciliation and positive pay functionality, compared to what's generally available."
Connelly joins Trintech after consulting with the firm for eight months as President of KC Consulting, Inc., a treasury management and payment system consulting firm. For over 23 years, Connelly has worked in the financial services and payment system industries, including service as Senior Vice President and Manager of the Treasury Services Division at Commerce Bank; Managing Principal and Director of Business Development at Carreker Corporation; and various management positions with The Bank of California, First Interstate Bank, Ltd., and Glendale Federal Bank. He is the author of two chapters titled "Commercial Deposit Re-engineering" in the Corporate Cash Management Handbook and is a frequent speaker at treasury and cash management industry events.
"Trintech's decision to establish a Financial Services Group reflects our commitment to expand our services to the worldwide financial services market," said John Harte, General Manager of Trintech Funds Management Division. "We're pleased to have Kevin lead this division. He comes to us with a strong background in banking and payment systems. We've had the opportunity of seeing his expertise in action which has resulted in a very rapid expansion of our financial services client base."