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Trintech and Prodiance to Deliver Best in Class Solution for Spreadsheet Risk Mitigation to the European Market


Trintech's XLNET to Enable European Enterprises to Effectively Mitigate Risk and Tighten Internal Controls for Critical Spreadsheets

Trintech Group Plc (Nasdaq: TTPA), a leading provider of integrated financial governance, risk management, and compliance solutions for commercial, financial, and healthcare markets worldwide, today announced that it has expanded its partnership with Prodiance Corporation, a leading provider of solutions for financial spreadsheet remediation and control, to deliver the XLNET spreadsheet risk and compliance management solution to the European market. For enterprises and financial institutions seeking to mitigate operational spreadsheet risk, wherein there exists

complex spreadsheet models with the potential for errors
little version control to maintain historical data
minimal archival capability for business continuity
arbitrary change management
lack of security control to enforce segregation of duties and responsibilities

There is now an automated solution, XLNET, that enables financial managers to:

Discover and inventory critical spreadsheets
Identify risk conditions and remediate errors
Audit changes down to the cell level
Automate spreadsheet review and approval workflows
Reconcile, review, and certify spreadsheet results
Track the entire process from beginning to end

XLNET, based on enabling technologies from Prodiance, is a market-leading
spreadsheet inventory, migration, analysis, reporting, and auditing solution
that is intuitive and easy-to-use. The application complements Trintech's AssureNET GL and ReconNET reconciliation software solutions to provide
enterprises with a compliance framework for managing critical spreadsheets
associated with account reconciliation, financial reporting, budgeting,
forecasting, revenue recognition, and other key financial processes.

"The solution can be implemented and operational within a few days," said Dr. Soheil Saadat, President and CEO at Prodiance. "And through its web-based, zero client footprint, the solution eliminates the impact to end users and delivers an architecture that is IT friendly and suitable for global rollouts."

"We have worked with over 500 global customers to drive successful implementation of our accounting compliance solutions, and we're confident
that XLNET will help financial services institutions in Europe achieve higher levels of efficiency and control," said John Harte, EVP and General Manager for Trintech. "We've developed a clear competitive advantage by providing customers with solutions that meet their strategic objectives, in turn driving positive business outcomes."