Irish e-commerce software player Trintech has signed a major deal to implement its technology with a retail co-op that has more than 130,000 retail members across the UK, siliconrepublic.com has learned.
Plymouth and South West Co-operative Society is an independent retail co-operative owned and controlled by more than 130,000 members including food stores, a department store, home furnishings, funeral services and hairdressing salons.
The co-op has over 80 retail outlets and employs more than 2,200 people in the UK.
The Plymouth and South West Co-operative Society has a tradition of building deep and broad roots in rural communities as well as investing in difficult and deprived neighbourhoods of the UK.
The co-op has agreed to implement Trintech’s ReconNet technology to streamline financial reconciliation processes and increase operational control.
“It is part of a wide effort to update finance and retail systems,” explained John Freeman, financial accounts manager for the co-op.
“We wanted to put reconciliation software in place that can control our accounts on a daily basis, improve scalability for future growth and improve efficiencies and controls,” Freeman said.
The technology will enable the co-op to carry out detailed daily reconciliation to identify transaction errors and exceptions much more efficiently.
It will also provide transparency into reconciliation processes that will help the co-op to reduce exposure to operational risk.
“They join other leading UK clients that have replaced outdated reconciliation systems with ReconNet,” said Trintech general manager John Harte. “ReconNet eliminates the burdensome work of manual transaction processing while greatly reducing operational risk and reducing overall costs.”
By John Kennedy