Irish Nasdaq-listed technology company Trintech has won a key financial software deal with a US drugstore chain with over 110 stores spanning Minnesota, Michigan, Illinois, Iowa and Montana.
Snyders, a drugstore chain founded in 1928 that grew to be a major economic force in America’s Midwest, has agreed to deploy Trintech’s technology to streamline reconciliation processes across the chain.
Snyders was acquired in 1999 by Canadian firm The Katz Group, one of the top 10 largest retail pharmacy chains in North America.
Trintech’s ReconNet software, which is accessible via the internet, will be used to automate the verification and reconciliation of Snyders’ bank deposits and credit card transactions.
“We’ll eliminate the time and costs associated with supporting and maintaining an operating system. Trintech will own the process until everything is loaded and reconciled,” said John Sams, director of financial reporting for Snyders.
“Data Flow will get the bank data, monitor it, run it and when my staff start the day they’ll be able to reconcile data right away with ReconNet,” Sams said.
By John Kennedy