Irish e-payments company Trintech has forged a major partnership with Paymentech, the largest processor and acquirer of credit card transactions in north America, responsible for transactions worth US$123bn last year.
The partnership will see Trintech link Paymentech’s transaction processing capabilities with its own enterprise-wide transaction reconciliation system, ReconNet, that will enable credit card users to identify and resolve credit card disputes and reduce unnecessary write-off losses.
Trintech’s ReconNet business-to-business enterprise reconciliation and treasury solutions streamline the management of cash deposits, credit card payments, gift cards, disbursements, and other transactions. The system is being used in funds management and research for 300 leading US companies in retail, hospitality, food service, insurance, banking, government and other industries, including Target Corporation, Best Buy, 7-Eleven, Verizon Wireless, Kroger, AMC Theatres, Hertz, Outback Steakhouse, Farmer’s Insurance Group, and the University of Missouri.
“Trintech was an obvious fit as a partner,” said Kerry Kodatt, Paymentech group executive, corporate alliances. “As the leading transaction processor in north America, we see great value in sharing resources and expertise with Trintech’s ReconNet reconciliation team. Together, we can offer our customers a premier solution for fast, reliable end-to-end transaction management.”
Established in 1985, Dallas-based Paymentech is the leading processor and acquirer of credit card transactions in North America, and in 2001 made approximately 4.2 billion total transactions and US$123bn in bankcard sales volume. In addition to traditional catalogue and bricks-and-mortar businesses, Paymentech handles the payments for more than half of all internet retailers and service providers throughout the US and Canada.
“Trintech partnering with Paymentech is a good strategic fit for both organisations,” said Randy Jesberg, president of Trintech’s funds management division. “The partnership enables us to further streamline payment card reconciliation processes. It also allows our mutual customers to identify and resolve exceptions and incorrect charges more quickly while maintaining tighter control, reducing risk and avoiding write-offs.”
By John Kennedy