Trintech Named Workday Innovation Partner and Earns Workday Packaged Solution Badges

Rhea-AI Summary

Trintech, a leading provider of cloud-based financial close solutions, has become a Workday Innovation Partner. This partnership integrates Trintech's solutions with Workday Financial Management (NASDAQ: WDAY), streamlining financial close management, account reconciliation, and transaction matching processes.

Key benefits include:

• Automating high-volume, multi-way transaction matching
• Reducing risk and improving financial report accuracy
• Cutting time to close by up to 50%
• Enhancing employee retention through automation

The integration aims to address complexities in reconciliation and close processes, allowing finance teams to focus on strategic tasks and gain confidence in period-end numbers.

Positive

• Partnership with Workday enhances Trintech's market position
• Integration streamlines financial close processes, potentially increasing efficiency
• Automation capabilities may reduce time to close by up to 50%
• Solution aims to improve financial report accuracy and reduce risk

Negative

• None.

Partnership redefines the approach to financial reconciliations, integrating advanced close and complex reconciliation capabilities to streamline close processes

DALLAS, Sept. 11, 2024 /PRNewswire/ -- Trintech, a leading global provider of cloud-based financial close solutions for the Office of Finance, today announced it has become a Workday Innovation Partner. Workday, Inc. (NASDAQ: WDAY) is a leading provider of solutions to help organizations manage their people and money. This partnership provides a more streamlined integration between Workday Financial Management and Trintech solutions for financial close management, account reconciliation, and transaction matching processes.

Workday Financial Management unifies a full range of core financial capabilities to help provide organizations with the real-time insight, agility, and efficiency required to meet the complex needs of today's business landscape.

"With the increasing complexity of financial operations, organizations want integrated solutions that can streamline their financial close processes," said Mekaela Davis, Chief Partner Officer of Trintech. "Our partnership with Workday combines our deep expertise in financial close automation with Workday Financial Management, creating a workspace where finance and accounting teams can prioritize critical business tasks, work more efficiently, and gain confidence in their period-end numbers."

Trintech's Solutions for Workday are engineered to help address complexities in the reconciliation and close processes that fall outside the core scope of Workday. Users can automate the collection of external financial transactions across multiple systems by eliminating manual processes and reducing reliance on internal IT teams. The solutions can match millions of transactions to financial accounts in seconds, routing journal entries back to Workday's general ledger for a faster and more accurate financial close. This automation enhances accuracy and helps improve the work-life balance of accounting teams, allowing more time for strategic financial planning and analysis.

Key Benefits:

• Automate Transaction Matching and Analysis: Automate high-volume, multi-way matching and analyze trends across large sets of data from multiple sources
• Reduce Risk & Report with Agility: Gain greater financial report accuracy in real time while reducing risk
• Reduce Time to Close: Reduce time to collect transactions and complete complex reconciliation processes by up to 50%
• Retain Key F&A Talent: Automating complex data collection and reconciliation helps dramatically reduce workplace stress and improve employee retention

More information on Trintech's integration can be found on the Workday Marketplace, which provides easy access to solutions built by Workday and its partners.

To learn more about the Trintech and Workday partnership, schedule time with us at the upcoming Workday Rising and register for Trintech's speaking session, "Reimagining the Financial Close: The Promise of AI-Enabled Automation". 

About Trintech
Trintech gives people time back for what matters most. Our cloud–based platform and solutions enable thousands of clients worldwide to lead productivity transformation across their finance and accounting organizations — driving efficiencies, ensuring accuracy to mitigate risk, and empowering strategic decision-making. Make time count with Trintech.

As the leader in Financial Close Management, Trintech is headquartered in Plano, Texas with offices and strategic resellers across United States, Europe, Australia, South America, Africa, and Asia Pacific. With a strong partner ecosystem, Trintech collaborates with over 100 companies to create a network of interconnected businesses. To learn more about Trintech, visit www.trintech.com.

Media Contact:
Kelli Shoevlin
Director, Global Corporate Marketing & Communications
kelli.shoevlin@trintech.com

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SOURCE Trintech

FAQ

What is the significance of Trintech becoming a Workday Innovation Partner for WDAY stock?

This partnership could potentially increase Workday's (WDAY) product offerings and market appeal, as it integrates Trintech's financial close solutions with Workday Financial Management, potentially attracting more customers and boosting revenue.

How does the Trintech integration benefit Workday (WDAY) customers?

The integration allows Workday (WDAY) customers to automate complex reconciliation processes, potentially reducing close times by up to 50%, improving financial report accuracy, and enhancing employee retention through reduced workplace stress.

What specific features does Trintech's integration bring to Workday (WDAY) Financial Management?

Trintech's integration with Workday (WDAY) brings automated transaction matching, complex reconciliation capabilities, and the ability to route journal entries back to Workday's general ledger, enhancing the overall financial close process.

Where can Workday (WDAY) users find more information about the Trintech integration?

Workday (WDAY) users can find more information about the Trintech integration on the Workday Marketplace, which provides easy access to solutions built by Workday and its partners.