DALLAS and DUBLIN, Ireland, July 18, 2005 (PRIMEZONE) -- Trintech (Nasdaq:TTPA), a leading provider of transaction reconciliation and payment infrastructure solutions, today announced that Midas, Inc. (NYSE:MDS), has selected ReconNET for use in their Company Operated Shops to automate the verification and reconciliation of cash, credit card transactions, and purchase cards, which are used by stores to buy parts from third party suppliers. The installation of ReconNET is enabling the company to improve daily productivity, reduce write-offs, and increase daily visibility into cash balances.
Midas, with headquarters in Itasca, Ill., is a franchisor and operator of automotive service shops in 19 countries. There are nearly 1,800 shops in the United States and Canada, of which all but 70 company-owned shops are operated by independent franchisees.
"Time-consuming, manual daily and month-end reconciliation exposed us to occasional risks, including late or missing deposits. Now we reconcile accounts and escalate exceptions much faster than we did with our manual system. With ReconNET, we're able to resolve issues quickly, reducing the potential for loss," said Jim Haeger, Vice President and Controller for Midas. "Additionally, automated daily and month-end reconciliation has helped us eliminate the need to hire temporary help -- this means thousands of dollars in savings each year."
"True business efficiency comes from automating reconciliation processes," said John Harte, General Manager of Trintech's Funds Management Systems Division. "We're pleased to bring a new level of efficiency to Midas, as well as a globally recognized and respected brand name to our customer list. We feel their choice of ReconNET reflects very positively on the flexibility and reliability of our software."
About Midas
Midas is one of the world's largest providers of automotive service. The company offers brake, exhaust, maintenance, tires, steering and suspension services at more than 2,600 franchised, licensed and company-owned Midas shops in 19 countries, including nearly 1,800 in the United States and Canada. For more information, visit www.midas.com.
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 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.