Trintech Group Plc (Nasdaq: TTPA), a leading provider of financial software and services specializing in reconciliation workflow, revenue enhancement, transaction risk management, and compliance, today announced that Synder's Drug Stores, Inc., has selected ReconNET On-Demand and the DataFlow Transaction Network to streamline reconciliation processes across their enterprise. The DataFlow Transaction Network will capture, format, balance, and load daily bank data into ReconNET. ReconNET, accessible via the Internet, will be used to automate the verification and reconciliation of the company's bank deposits and credit cards.
Snyder's is a leading drugstore chain in the Midwest, with 110 stores reaching across Minnesota, Michigan, Illinois, Iowa, and Montana. The Katz Group, the second largest operator of drugstores in Canada, acquired Snyder's in 1999. The Katz Group is among the top 10 largest retail pharmacy chains by pharmacy dollar, according to Racher Press research.
"We'll eliminate the time and costs associated with supporting and maintaining an operating system. Trintech will own the process until everything is loaded and reconciled," said John Sams, Director Financial Reporting for Snyder's. "DataFlow will get the bank data, monitor it, run it, and when my staff start the day, they'll be able to reconcile data right away with ReconNET."
On-Demand Solutions give companies access to advanced technologies like ReconNET for transaction reconciliation, Treasury eNET for treasury and cash management, and AssureNET Express for general ledger reconciliation and certification without significant up-front costs. Hosted applications are affordable at a minimal initial investment and modest monthly charges thereafter. Low startup costs provide an accelerated return on investment.
"We're pleased to have Snyder's join our growing list of On-Demand clients," said Darren Heffernan, Vice President On-Demand Solutions for Trintech. "On-Demand Solutions quickly provide real value to clients, including increased visibility; improved cash forecasting and management; accelerated movement of cash; and timelier closes at month-end."