LONDON and TEXAS, Jan. 12, 2004 (PRIMEZONE) -- Trintech (Nasdaq:TTPA) (Prime Standard:TTP), a leading provider of transaction management and payment infrastructure solutions, today announced that United Cinemas International (UK) Limited ("UCI"), a division of one of the world's leading cinema exhibition groups, has selected ReconNET 6.6 to automate the verification and reconciliation of its cash banking and credit card transactions. ReconNET also enables UCI to streamline its cash management processes, and provide effective risk management and reporting across its UK and Ireland cinema estates.
UCI (UK) is a wholly-owned subsidiary of the UCI Group, a joint venture owned equally by Universal and Paramount. The UCI Group specializes in the multiplex segment of the film exhibition market and has achieved a leading position in all the major territories in which they operate. UCI has cinemas in the UK, Ireland, Austria, Germany, Italy, Spain, Poland, Japan, Taiwan and Brazil.
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 Manchester, England.
"We conducted a comprehensive search for a cost-effective and flexible application that could drive real measurable value to our business," said Paresh Majithia, Group and UK Finance Director, UCI. "Trintech's ReconNET software gives us everything we needed -- and more. One of our key objectives was to seek efficiencies within our cash management team to free up employees for more value-added work, rather than the time-consuming monthly reconciliation of our 50 bank accounts. ReconNET is helping us achieve that goal, simplifying our reconciliation processes and enabling us to make additional productivity gains whilst improving the overall visibility and control of our cash and cards reconciliations."
ReconNET's powerful reconciliation algorithms streamline many complex transaction-matching routines that had been entirely manual in the past. ReconNET gives UCI the ability to identify exceptions within one business day instead of after a month or longer.
"We are delighted that UCI chose Trintech's ReconNET software to improve their reconciliation and risk management processes," said John Harte, General Manager of Trintech's Funds Management Systems Division. "UCI had a complex and challenging financial infrastructure that made manual reconciliation time-consuming, complicated and prone to error. ReconNET simplifies the process, eliminating the tedious work of manual transaction matching so UCI can focus on resolving their exception items quickly and efficiently while greatly reducing their operational risk, eliminating process complexity, and reducing their overall costs."
About United Cinemas International (UK) Limited
UCI (UK) Ltd. is a wholly owned subsidiary of the UCI Group and is responsible of the management of their cinema estate across international territories. The UCI Group is one of the world's leading cinema exhibition groups. UCI is a joint venture owned equally by Universal and Paramount, both of whom have a great deal of heritage and a deep understanding of the entertainment industry. UCI specializes in the multiplex segment of the film exhibition market and has achieved a leading position in all the major territories in which they operate. UCI has cinemas in the UK, Ireland, Austria, Germany, Italy, Spain, Poland, Japan, Taiwan and Brazil.
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, ReconNET Bank Fee Analysis and the Guardian platform. 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.trintech.com/fms
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 transaction 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