PRNewswire-FirstCall/ -- Trintech Group Plc (Nasdaq: TTPA), a leading provider of financial software and technology services specializing in transaction verification, reconciliation management, process automation, and compliance, today announced that General Parts, Inc., distributor of replacement auto parts, supplies and tools, has selected Trintech's ReconNET to automate the verification and reconciliation of its credit cards and bank deposits for its more than 1,400 company-owned stores. The installation of ReconNET will enable the company to streamline its daily reconciliation processes, reduce costs and gain greater reporting and financial controls.
General Parts is a distributor of replacement auto parts, supplies and tools for every make and model of foreign and domestic car, truck, bus, and farm or industrial vehicle. The company is the largest member of CARQUEST, which has a network of over 40 North American distribution centers.
"We were looking for a reconciliation solution that would help us streamline our finance processes across our enterprise," said John Cuomo, Director of Financial Reporting for General Parts. "With Trintech's extensive experience in the retail industry and the flexible nature of the ReconNET system, we knew this was the solution of choice as soon as we saw its capabilities."
The installation of ReconNET will automate General Parts' reconciliation procedures, increasing the efficiencies of finance staff, and providing effective risk management and reporting for its daily and month-end operations. ReconNET's Research module will simplify and automate the exception resolution process, allowing for faster identification and resolution of outstanding items to minimize write-offs.
"We're delighted to provide General Parts with a solution which will impact business practices and improve processing efficiency," said John Harte, General Manager for Trintech. "Today, Trintech's reconciliation solution is delivering results to many of the most recognized retail organizations in the world, including 17 of the top 25 (eight in the top 10) publicly traded retail organizations*. We look forward to working with General Parts as we continue to expand in that market."