LONDON and DALLAS , Aug. 16, 2004 (PRIMEZONE) -- Trintech (Nasdaq:TTPA) (Prime Standard:TTP), a leading provider of transaction management and payment infrastructure solutions, today announced that Greene King Pub Company, one of the UK's traditional pub and hotel operators, has implemented ReconNET to automate the verification and reconciliation of its cash banking, ATM and credit card transactions. ReconNET has enabled Greene King Pub Company to streamline its cash management processes, and provide effective risk management and reporting across its UK pub sites.
Greene King has been operating for more than 200 years from its Bury St. Edmunds base. Best known for its Hungry Horse Pubs, Greene King IPA and Abbot Ale brands, Greene King has more than 1,700 tenanted and managed pub locations. The installation of ReconNET has given the company the opportunity to increase the effectiveness of the cash banking, ATM and card transaction reconciliation and exception resolution processes for its 525 managed pub locations.
"Since implementing ReconNET, we have seen operator effectiveness improve by at least 25% and this is continuing to increase," said Jenny Mitchell-Cameron, Financial Accounts Manager, Greene King Pub Company."Our period-end 'bank to book' process took us 3-4 days to completeprior to ReconNET. Now it takes us half a day, an improvement of 600-800%."
ReconNET is ideally suited to the needs of today's multi-outlet operations and its flexibility was demonstrated through the configuration of a new reconciliation process to enable Greene King to reconcile 'in-pub' ATM cash-load transactions to refunds credited by the ATM operator. This process now takes minutes to complete instead of hours.
"Greene King has achieved significant positive improvements in efficiency since ReconNET was implemented earlier this year," said John Harte, General Manager of Trintech's Funds Management Systems Division. "Trintech's ability to consistently deliver such tangible results is increasingly being recognized within the UK market where usage of our solutions is expanding rapidly."
About Greene King
Greene King has operated pubs and brewing for over 200 years. It has grown steadily from its base in Bury St Edmunds, Suffolk to becoming a leading pub retailer and ale brewer in the south of England. The business is run through three complementary units: Greene King Pub Company which operates 525 managed pubs including 131 Hungry Horse branded outlets. Greene King Pub Partners which operates 1,122 tenanted and leased pubs. Greene King Brewing Company which brews and markets the Greene King IPA, Abbot Ale, Old Speckled Hen and Ruddles County brands and delivers them to outlets throughout the UK and to the off-trade.
About Trintech FMS
Trintech Funds Management Systems (FMS), a division of Trintech Group, provides comprehensive, industry-leading solutions that optimize enterprise funds management including the ReconNET reconciliation product suite, ExecuNET Executive Reporting, Bank Fee Analysis, and DataFlow transaction data network and services. Trintech's FMS solutions are optimizing performance in over 400 leading companies in retail, hospitality, food service, insurance, banking, government and other industries, including YUM! Brands Restaurants, Foot Locker, Radio Shack, 7-Eleven, Whitbread Group, Verizon Wireless, Kroger, Regal Entertainment, Budget Rent A Car, Wendy's, Farmer's Insurance Group, and the University of Missouri. Trintech FMS is headquartered in Dallas, Texas, and can be contacted at 972-701-9802 and on the web at 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 17 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.
This press release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any "forward looking statements" in this press release are subject to certain risks and uncertainties that could cause actual results to differ materially from those stated. "Forward looking statements" in this press release include statements, among others, relating to the market acceptance of its solutions in the UK market and the speed at which usage of Trintech's solutions is occurring. Factors that could cause or contribute to such differences include changing requirements of customers in the UK market. Actual performance may also be affected by other factors more fully discussed in Trintech's Form 20-F for the fiscal year ended January 31, 2004 and Form 6-K for the fiscal quarter ended April 30, 2004 filed with the US Securities and Exchange Commission (www.sec.gov). Lastly, Trintech assumes no obligation to update these forward-looking statements.