DALLAS and DUBLIN, Ireland, March 7, 2005 (PRIMEZONE) -- Trintech's Industry-Leading ReconNET Product Enables Ireland's Premier Salon Chain to Reduce Costs and Improve Efficiencies at 68 Locations Across Ireland.
Trintech (Nasdaq:TTPA) (Prime Standard: TTP), a leading provider of transaction reconciliation and payment infrastructure solutions, today announced that Peter Mark has selected Trintech's ReconNET to automate the verification and reconciliation of its cash, check and credit card deposits. ReconNET will enable Peter Mark, Ireland's most popular salon group with 68 salons nationwide, to improve store-level efficiencies and reduce costs by tightening controls on all cash, checks and credit card payments. Additionally, ReconNET will enable Peter Mark to reduce its exposure to risk, and reduce the time it takes to reconcile cash transactions.
With ReconNET, Peter Mark aims to dramatically improve its ability to quickly identify and resolve discrepancies in daily bank deposits, while at the same time gaining significant improvements in the level of control and audit reporting for all incoming payments. ReconNET will enable Peter Mark to streamline its entire payment accounting lifecycle, while reducing write-offs, and the length of time and manual effort previously required for daily, weekly, and monthly reconciliation and ledger balancing. Peter Mark expects to improve productivity and costs associated with manual payment reconciliation processes.
"The success of Peter Mark is built on excellent customer service and efficient processes at each location. ReconNET is a key strategic investment in efficiency," said Peter O'Rourke, Finance Controller for Peter Mark. "ReconNET will completely automate our cash handling, reduce risk and identify problems within one business day. With Trintech's help, we can expect to reduce our costs and improve bottom line performance company-wide."
Prior to licensing ReconNET, the salon chain used an in-house system and paper reports for deposit verification and reconciliation. Peter Mark management will now use ReconNET to immediately detect and flag issues for review, so they can quickly resolve exceptions and reduce write-offs. ReconNET's powerful trend reporting and analysis will enable management to pinpoint problem areas, and take corrective action to further improve cash handling and process efficiency.
"Trintech's ReconNET is the ideal solution for companies like Peter Mark that have a rapidly-expanding, high-volume business," said John Harte, General Manager of Trintech's Funds Management Systems Division. "It is critical for growth companies to gain tighter control of operational processes to improve efficiencies. The selection of Trintech by Peter Mark further strengthens our position as the leading supplier of cash management solutions to hairstyling and full-service salons."
About Peter Mark
Peter Mark was founded by Peter and Mark Keaveney in 1961. Peter Mark has grown from its humble beginnings in a small first floor salon on Grafton Street in Dublin, Ireland into one of the largest and most successful privately owned hair dressing companies in Europe. With 68 salons nationwide, Peter Mark is one of the largest employers in Ireland. It recruits and trains its entire staff in its Peter Mark Academies located in Dublin and Belfast. Peter Mark specializes in giving customers personal attention. Peter Mark salons provide for a luxurious and relaxing hairdressing experience, while remaining affordable. www.petermark.ie
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.
Trintech Press Contacts
Ireland: Breda Leonard Director - Marketing Communications Trintech Group Plc Tel. +353 1 207 4164. email: breda.leonard@trintech.com
Dallas: Darrell Maronde Director - Marketing Trintech FMS Tel. +1 972 739 1634. email: darrell.maronde@trintech.com