To Accommodate Rapid Growth, The Bargain! Shop, Will Implement ReconNET to Improve Process Control and Increase Accounting Efficiencies
Dallas, Texas/Dublin, Ireland - 24 April, 2006 - Trintech Group Plc (NASDAQ: TTPA), a leading provider of transaction reconciliation and payment infrastructure solutions, today announced that The Bargain! Shop has selected ReconNET to automate the verification and reconciliation of its cash, checks, debit and credit cards, and disbursements. ReconNET is intended to enable The Bargain! Shop to improve process control, increase efficiencies to accommodate rapid growth, improve the timeliness and accuracy of month-end close and expand reconciliation reporting capabilities.
The Bargain! Shop, in its more than 145 general merchandise stores across Canada, markets and sells a variety of products fit for the entire family. The retailer plans significant growth in 2006 and beyond, mainly in small- to mid-sized communities across the nation.
As a result of the company’s rapid expansion in recent years, managing financial transactions for each of its stores proved to be challenging. Effective reconciliation is fundamental to the company’s growth. ReconNET is intended to enable The Bargain! Shop to manage complex transactions efficiently and reduce opportunities for error.
"In support of our aggressive plan for expansion, ReconNET will help make our reconciliation processes more efficient across our enterprise. More importantly, it will help increase our financial control," said Clinton Wolff, CFO for The Bargain! Shop. "We expect tighter control, improved productivity and reduced costs associated with eliminating time-consuming and error-prone manual processes."
"Trintech’s transaction management solutions enable highly-efficient financial processes for over 200 leading retailers," said John Harte, General Manager of Trintech’s Funds Management Systems Division. "With our solutions, forward-thinking companies like The Bargain! Shop can streamline processes to support their plans for aggressive growth."
About The Bargain! Shop
The Bargain! Shop Holdings Inc., owns and operates The Bargain! Shop stores. The Bargain! Shop, formerly part of Venator became independent with 85 stores in 1999 and currently operates over 145 general merchandise retail stores across Canada. The Bargain! Shop carries a variety of merchandise, including seasonal products, toys, food, bed and bath items, housewares, cleaning products, health and beauty products, and clothing and footwear for the entire family. For more information visit www.thebargainshop.com.
About Trintech FMS
Trintech Funds Management Systems (FMS), a division of Trintech Group, provides comprehensive, industry-leading solutions, specializing in transaction verification, reconciliation, process management and compliance. Trintech’s suite of products includes the ReconNET reconciliation product suite, AssureNET GL for managing general ledger reconciliation and compliance, Treasure eNET - an ASP hosted treasury workstation, Bank Fee Analysis, and the DataFlow Transaction Network for data collection and delivery. Trintech’s solutions are optimizing performance in over 400 leading companies in the banking and finance, convenience store and grocery, entertainment, hospitality, insurance, restaurant, retail, telecommunication, and utility industries. Clients include: Bank of America, 7-Eleven, Kroger, Regal Entertainment, Accor, Farmer’s Insurance Group, YUM! Brands Restaurants, Radio Shack, Verizon Wireless and Ameren. The FMS division is headquartered in Dallas, Texas. For more information on Trintech FMS call: +1-972-701-9802.
About Trintech Group
Trintech Group is a leading provider of transaction reconciliation and payment infrastructure solutions to retailers, financial institutions, payment processors and network operators globally. Built on 19 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), in Uruguay at Technology & Business Park, Zona America - Ruta 8 Km. 17.500, Of. 006 - Local 310, ZIP 91.600, Montevideo (Tel: + 598 2 518 2250) and in the UK at The Colonnades, Beaconsfield Close, Hatfield, Hertfordshire, AL10 8YD (Tel: +44 1707 632900).
Trintech Press Contact:
Dallas: Donna Martinez, Marketing Communications Manager, Trintech FMS
Tel: +1 972 739 1611