S&K Famous Brands selects Trintech for STP treasury solution
S&K Famous Brands, a retailer of menswear with stores in 27 states in the US, has selected Trintech's DataFlow Transaction Network to collect, format and deliver daily banking data, and ReconNET to automate the verification and reconciliation of its cash and checks with its banks. S&K Famous Brands expects to further improve operational control and reduce exposure to risk, while decreasing costs, improving productivity and maximizing the use of available funds.
S&K Famous Brands will utilize DataFlow and the ReconNet software solution to improve detection and resolution of transaction variances resulting in reduced write-offs. Each day the company will receive account data for its regional banks through the DataFlow Transaction Network, and use that data for automated verification and reconciliation of deposits from its stores with ReconNET. S&K Famous Brands will also use ReconNET to help manage the movement of available cash from accounts in each store's depositing bank to its concentration account.
"Time-consuming, manual daily and month-end reconciliation exposed us to occasional risks, including late or missing deposits," said Janet Jorgensen, senior VP at S&K Famous Brands. "Now we will receive bank data daily allowing us to report on exceptions and automatically escalate them.