DALLAS and DUBLIN, Ireland, June 27, 2005 (PRIMEZONE) -- Trintech (Nasdaq:TTPA), a leading provider of transaction reconciliation and payment infrastructure solutions, today announced that Broker Network Holdings PLC has selected ReconNET to automate the verification and reconciliation of its central depository account and insurance premium payments between its independent insurance brokers and insurance providers. In addition to streamlining internal operations, ReconNET will also strengthen Broker Network's financial controls.
Broker Network Holdings PLC provides service to more than 130 independent, community insurance brokers in the U.K. that specialize in commercial insurance for small businesses. Broker Network provides its brokers with the benefits of collective buying power as well as offering access to a wider range of insurers.
In January 2005, the Financial Services Authority (FSA), an independent non-governmental body, was given regulatory oversight over the insurance industry in the UK. Insurers and brokers must now be authorized by the FSA, which requires compliance with a number of new regulations, including one that requires brokers and providers to demonstrate that they have adequate financial controls in place.
"The functionality and flexibility of ReconNET addresses our need to automate reconciliation and exception management processes to enable us to grow the business more cost effectively. It will also help us comply with industry regulations in a more efficient manner," said Julie Hale, Group Finance Director, Broker Network. "The gains we expect in efficiency and financial control will improve our work practices and overall operational effectiveness." The installation of ReconNET will automate Broker Network's reconciliation procedures, increasing the efficiencies of finance staff, and provide effective risk management and reporting for its daily and month-end operations. Additionally, ReconNET will help Broker Network better meet industry compliance requirements through built-in detective and preventative financial controls.
"Industry regulations like FSA have necessitated the move to automated transaction reconciliation to reduce manual processes and mitigate risk," said John Harte, General Manager of Trintech's Funds Management Systems Division. "Companies like Broker Network rely on ReconNET because the solution supports financial accountability, audit and reporting requirements for data integrity through automation and a closed system architecture."
About Broker Network Limited
Formed in 1994, Broker Network is a network of over 130 independent, community insurance brokers, known as Members. The Members, who retain their own trading brand, are contractually obliged to place all of their general insurance business with Broker Network. Broker Network in turn provides support services to Members including: IT, training & regulatory compliance. The service provided by Broker Network makes it possible for community brokers to compete, at least on equal terms, with other larger brokers for the insurance business of their target customers, which are predominantly SME businesses. Additionally through the network, Members have access to a greater range of insurers and thus are able to negotiate better remuneration terms than they could otherwise obtain independently. Likewise, Broker Network also provides insurers with a channel to obtain business from community brokers. For more information visit www.brokernetwork.co.uk.
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, Bank Fee Analysis, and DataFlow transaction data network and services. Trintech's FMS solutions are optimizing performance in nearly 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 reconciliation and payment infrastructure solutions to retailers, financial institutions, payment processors and network operators globally. Built on 18 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.