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 Plymouth & South West Co-operative Society has selected ReconNET to streamline reconciliation processes and increase operational control. The Society will use ReconNET to automate the verification and reconciliation of its cash, cheque payments, and credit cards. Additionally, ReconNET will be used to reconcile supplier statements to A/P ledger and Co-op Society statements.
Plymouth and South West Co-operative Society is an independent retail co-operative owned and controlled by its more than 130,000 members. Retail operations include food stores, a department store, home furnishings, funeral services, hairdressing salons and more. The Co-op Society has a rich tradition of building deep and broad roots in rural communities, as well as investing in difficult and deprived neighborhoods.
"The implementation of ReconNET is part of a wider effort to update finance and retail systems," said John Freeman, Financial Accounts Manager for the Society Co-op. "We really wanted to put reconciliation software in place that can control our accounts on a daily basis, provide scalability for future growth, and improve efficiencies and controls."
With the ReconNET solution in place, the Society will be able to carry out detailed daily reconciliation to identify transaction errors and exceptions much more efficiently. In addition, transparency into reconciliation processes will help the company decrease exposure to operational risk.
"We're pleased that Plymouth & South West Co-operative Society has chosen
to implement our flagship transaction reconciliation solution," said John Harte, General Manager for Trintech. "They join other leading UK clients that have replaced outdated reconciliation systems with ReconNET. ReconNET eliminates the burdensome work of manual transaction processing, while greatly reducing operational risk, and reducing overall costs."