DALLAS and DUBLIN, Ireland, Nov. 22, 2004 (PRIMEZONE) -- Trintech (Nasdaq:TTPA) (Prime Standard: TTP), a leading provider of transaction reconciliation and payment infrastructure solutions, today announced that Faber, Coe & Gregg, a retailer of sundries, periodicals and paperbacks, has selected ReconNET to automate the verification and reconciliation of bank deposits for its 70 locations. The installation of ReconNET will enable the company to perform daily deposit verification and reconciliation to reduce costs and gain greater reporting and financial controls.
Faber, Coe & Gregg, founded in 1848, operates shops offering news, gifts, books, and cafes in airports, train stations, hotels, office buildings and highway rest stops. Faber specialty shops can be found from Chicago to Miami Beach.
"With ReconNET, we'll have daily verification of our deposits. We won't have to wait until the end of the month to reconcile our accounts," said Burt Friedman, CFO at Faber. "This tightening of cash controls will reduce our exposure to theft and fraud and allow us to significantly reduce write-offs. Productivity in the home office will improve, and down the road we plan to use ReconNET to sweep funds from non-interest bearing accounts into those that do accrue interest."
The installation of ReconNET will eliminate manual processes for reconciliation of deposits, and enable reconciliation to occur daily instead of monthly. The improved timeliness of deposit verification will allow Faber to detect and resolve any discrepancies quickly, reducing write-offs for unknown variances.
"Trintech is proud of its partnership with Faber, Coe & Gregg. We're very committed to providing customers with industry-leading reconciliation technology that will help them minimize risk and improve control," said John Harte, General Manager of Trintech's Funds Management Systems Division. "Trintech's flexible solutions can address the cash management needs of retail chains with dozens of store locations as well as large corporations with hundreds of stores."
About Faber, Coe & Gregg
Established in 1848, Faber, Coe & Gregg Inc. specialty shops are the perfect one-stop venues for news, gifts, books and cafes. Faber, Coe & Gregg shops are conveniently located in airports, train stations, hotels, office buildings and highway rest stops - from Chicago to Miami Beach. Faber, Coe & Gregg is headquartered in Secaucus, New Jersey, and can be contacted at 201-330-1515.
About Trintech FMS
Trintech Funds Management Systems (FMS), a division of Trintech Group, provides comprehensive, industry-leading solutions that optimize enterprise funds management including the ReconNET reconciliation product suite, Bank Fee Analysis, and DataFlow transaction data network and services. Trintech's FMS solutions are optimizing performance in nearly 400 leading companies in retail, hospitality, food service, insurance, banking, government and other industries, including YUM! Brands Restaurants, Foot Locker, Radio Shack, 7-Eleven, Whitbread Group, Verizon Wireless, Kroger, Regal Entertainment, Budget Rent A Car, Wendy's, Farmer's Insurance Group, and the University of Missouri. Trintech FMS is headquartered in Dallas, Texas, and can be contacted at 972-701-9802 and on the web at www.trintech.com/fms.
About Trintech
Trintech is a leading provider of transaction reconciliation and payment infrastructure solutions to retailers, financial institutions, payment processors and network operators globally. Built on 17 years of experience, Trintech's solutions manage each area of the payment transaction cycle from authentication, authorization, settlement, dispute resolution and reconciliation - enabling its customers to reduce transaction costs, eliminate fraud, minimize risk, maximize cashflow and increase profitability. Trintech can be contacted in Ireland at Trintech Building, South County Business Park, Leopardstown, Dublin 18 (Tel: +353 1 2074000), in the US at 15851 Dallas Parkway, Suite 855, Addison, TX 75001 (Tel: +1 972 701 9802), and in the UK at 186-192 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AF (Tel: +44 (0) 1707 827000). www.trintech.com.