LONDON and TEXAS, Oct. 20, 2003 (PRIMEZONE) -- Trintech (Nasdaq:TTPA) (Prime Standard:TTP), a leading provider of transaction management and payment infrastructure solutions, today announced that Whitbread Group PLC, the UK's leading hotel, leisure and restaurants group, has selected ReconNET 6.6, ReconNET Online and ExecuNET to automate reconciliation of its deposit and credit card transactions, streamline its cash management processes, and provide effective risk management and reporting across its businesses.
Whitbread Group PLC has more than 1,300 UK locations under such household names as Travel Inn, Marriott Hotels, Beefeater, Brewers Fayre, Brewsters, Costa, TGI Friday's, Pizza Hut, and the market-leading David Lloyd Leisure brand. The installation of ReconNET 6.6 is part of the company's ongoing efforts to increase control, compliance and effectiveness of its reconciliation and transaction management practices at its UK Headquarters in Luton, England.
"Trintech's suite of ReconNET applications gives us the flexibility to handle a complex range of reconciliation types cost-effectively and efficiently across our entire brand estate," said Bob Landau, Finance Services Director, Whitbread Group PLC. "With this suite, our brand divisions and central office have the visibility and tools needed to improve our overall cash control practices. Trintech showed us how ReconNET, ReconNET Online and ExecuNET can help us gain increased efficiency and outlet compliance, and reduce cash write-offs."
In addition to benefiting from ReconNET's core reconciliation features, Whitbread will use ReconNET Online's web-based capabilities to streamline communication between the head office and field-based auditors. Field auditors will gain access to real-time transactional information relating to their outlets, and have a web-based interface to track and respond to outstanding transactions identified by the head office that require investigation. Whitbread will monitor its overall financial performance and trends using ExecuNET's interactive analysis dashboard, which enables the company to review and drill down into their organizational hierarchy from division to area, and finally to individual outlet and bank account transaction information.
"We are very pleased that Whitbread Group PLC chose Trintech's ReconNET solutions for automated transaction matching, web-based research and remote inquiries, and financial performance analysis," said Randy Jesberg, President of Trintech's Funds Management Systems Division. "Whitbread has unique challenges managing such a broad array of large-scale brands, and each division has its own diverse needs. Their selection is testament to the flexibility of the ReconNET suite."
About Trintech FMS
Trintech Funds Management Systems (FMS), a division of Trintech Group, provides comprehensive, industry-leading solutions that optimize enterprise funds management and payment lifecycle management, including the ReconNET reconciliation product suite and the ReconNET Bank Fee Analysis system. Trintech's FMS solutions are optimizing performance in more than 300 leading companies in retail, hospitality, food service, insurance, banking, government and other industries, including YUM! Brands Restaurants, Foot Locker, Radio Shack, 7-Eleven, Verizon Wireless, Kroger, Regal Entertainment, Budget Rent A Car, Wendy's, Farmer's Insurance Group, and the University of Missouri. Trintech FMS is located in Dallas, Texas, and can be contacted at 972-701-9802. www.reconnet.com
About Trintech
Trintech is a leading provider of transaction management and payment infrastructure solutions to financial institutions, payment processors, enterprise retailers and network operators globally. Built on over 15 years of experience, Trintech's solutions manage each area of the payment cycle from authentication, authorization, settlement, dispute resolution and reconciliation -- enabling its customers to reduce transaction costs, eliminate fraud, minimize risk, maximize cashflow and increase profitability. Trintech can be contacted in Ireland at Trintech Building, South County Business Park, Leopardstown, Dublin 18 (Tel: +353 1 2074000), in the US at 15851 Dallas Parkway, Suite 855, Addison, TX 75001 (Tel: +1 972 701 9802), and in the UK at 186-192 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AF (Tel: +44 (0) 1707 827000). www.trintech.com
About Whitbread Group PLC
Whitbread's leading brands hold powerful positions in three of the fastest growing sectors of the 172 billion UK leisure market: hotels, eating out, and health and fitness. Whitbread intends to be the UK's leading hotel company by the year 2005 through its brands Travel Inn and Marriott. Whitbread is one of the UK's biggest restaurant operators with about 1.5 million people enjoying a meal every week in over 1,300 Whitbread restaurants including Beefeater, Brewers Fayre, Brewsters, Costa, TGI Friday's and Pizza Hut (a 50:50 joint venture franchise with Yum! Restaurants International). David Lloyd Leisure the UK's largest health and fitness club brand has 260,000 members, in almost 100 David Lloyd Leisure and Marriott clubs.
Whitbread's history dates back to 1750, when Samuel Whitbread moved his brewing operations to premises in Chiswell Street, London, establishing the first purpose-built mass-production brewery in Britain. Samuel's family name quickly became synonymous with the brewing industry he came to lead.
The start of the 21st century marked a watershed in the company's history, as Whitbread sold its breweries and then exited its pubs and bars business. After several decades of diversification, Whitbread re-focused its business on the growth areas of hotels, restaurants and health and fitness clubs.