Nasdaq-quoted Irish payment technology company Trintech has signed a major cash and credit card transaction infrastructure deal with United Cinemas International (UCI), a division of one of the world’s biggest cinema groups.
UCI UK, a wholly owned subsidiary of the UCI Group, a joint venture between Universal and Paramount, has signed a deal with Trintech to deploy the Irish company’s ReconNET 6.6 technology to automate the verification and reconciliation of its cash banking and credit card transactions. The technology will also enable it to streamline its cash management processes and provide effective risk management and reporting across its Irish and UK cinemas.
The implementation is part of a plant to boost financial management practices at its Manchester headquarters and boost the reporting powers of its cinemas.
ReconNET’s powerful reconciliation algorithms streamline complex transaction-matching routines that in the past had been entirely manual. As a result UCI will be able to identify anomalies in its finances within one business day instead of after a month or longer.
According to the group and UK finance director of UCI, Paresh Majithia: “One of our key objectives was to seek efficiencies within our cash management team to free up employees for more value-added work, rather than the time-consuming monthly reconciliation of our 50 bank accounts.
“ReconNET is helping us achieve that goal, simplifying our reconciliation processes and enabling us to make additional productivity gains whilst improving the overall visibility and control of our cash and cards reconciliations.”
By John Kennedy