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 Forever 21, Inc., has selected ReconNET to improve financial transaction management across its enterprise, including the verification and reconciliation of its cash deposits and credit cards. ReconNET will interface directly with Forever 21's point of sale and ledger systems, ensuring greater efficiency and consistency across the company.
Founded in 1984, Forever 21 operates more than 400 stores in the US and Canada under the banners -- Forever 21, Forever XXI, and For Love 21. The stores offer fashions and accessories for fashion-oriented women of all ages.
"We're growing at a rapid pace; therefore, our largely manual system no longer provides us with efficiencies in terms of time, labor, and control," said Ann Cadier Kim, CFO for Forever 21. "We have a need for a scaleable solution that will grow with us, as well as one that will streamline daily reconciliations, reduce labor costs and help us gain greater visibility and control."
ReconNET will streamline cash management processes, increase internal controls, and provides effective risk management and reporting across the company's US and Canadian operations. Built-in research features will support exception resolution processes and automate communication with the field.
"We're delighted that Forever 21 has selected ReconNET for account verification and reconciliation," said John Harte, EVP and General Manager for Trintech. "Many of the most recognized retail organizations in the world have selected Trintech solutions to improve reconciliation workflow, reduce risk, and raise revenue."