US bank deal proves providential for Trintech

18 Jul 2006

Irish electronic payments company Trintech has secured a major deal to roll out a new transaction and payment system for major US financial institution Provident Bank, the second biggest bank in Maryland.

Under the terms of the deal, Provident Bank will deploy Trintech’s ReconNET technology for account verification and reconciliation and Trintech’s AssureNET GL for automation, reconciliation, review and certification processes.

The implementation of ReconNET is part of a multi-phase project by the bank to ensure compliance, reduce costs and improve performance across its enterprise.

AssureNET GL will help Provident Bank to enhance controls around its 20,000 general ledger (GL) accounts, while providing distinct workflow management for reconcilers, reviewers and approvers.

Provident Bank, with more than US$6.4bn in assets, serves individuals and businesses in Maryland, Virginia, and Southern York County, Pennsylvania through a network of over 150 banking offices.

“We had an urgent need to automate manual processes and to improve internal control and compliance,” said Jay Fitzhugh, senior vice-president of strategic directions for Provident Bank.

“ReconNET and AssureNET GL will help us eliminate paper, reallocate resources and improve our analytical capabilities.

“With AssureNET GL we’ll be able to track GL reconciliations more effectively and better understand, report and track aged items. This will help us assess quality issues and improve regulatory compliance,” Fitzhugh said.

By John Kennedy