CEO INTERVIEW: Paul Byrne, CEO Trintech.

3rd December 2012

Trintech has been a ‘market maker’ in the provision of integrated software solutions for the ‘Last Mile’ of Finance for more than a decade.  Its formidable client list includes 50% of the Fortune 50 and nearly 25% of the Fortune 500 representing retailers, manufacturers, financial institutions, telecommunications, utilities and healthcare providers all around the world. The impressive list includes household names such as Google, Microsoft, RR Donnelly, Regis Corporation, Walmart, O2, Blackstone, Lloyds TSB and Toyota Financial Services.  

 

 

 

However, the so called ‘Last Mile’ of finance has experienced profound change.  Unrelenting growth in regulatory compliance, accelerating reporting deadlines, the move to digital filing and increasing accounting complexity have heaped pressure on hard pressed finance departments struggling to maintain competent financial stewardship while simultaneously containing business risk.  But few software vendors have risen to the challenge of this rapidly changing reporting landscape. Trintech’s recently released Cadency solution is designed to address these new demands.

In this interview, Paul Byrne, CEO of Trintech explains to Gary Simon, Financial Systems News’ (FSN) managing editor, how the launch of “Cadency” sets Trintech apart from its competitors, bringing to market for the first time a comprehensive “financial governance” solution and setting a new benchmark for the management of the ‘Record to Report’ process.

Editor: What was the rationale for “Cadency”?

“We have been on a journey to converge all of the processes for the record to report process (R2R).  At the moment most companies have a mixture of manual and automated processes, straddling multiple vendor platforms.  What we wanted to do with Cadency was to do what the ERP vendors did for transaction systems, i.e. bring all of the applications together in a unified product – but focused on the R2R cycle.”

Editor: What are Cadency’s brand values?

“Cadency is a musical term.  It captures the notion of the rhythm of financial processes.  It’s about the orchestration of the stakeholders in the record to report process as distinct from each section of the ensemble playing to its own beat and rhythm.  The CFO should have visibility of the whole R2R process and be able to manage it one place – like a conductor.” 

“So we have re-invented the R2R process.  Unlike the ‘point-solutions’ and fragmented solutions of the past, Cadency provides one console from  which senior financial executives gain real-time transparency and visibility into all R2R processes, risk and workflow checkpoints, and we are the first to provide such an innovative solution.”

“It’s one product not a platform.  This liberates highly qualified resources from the drudgery, inefficiencies and inaccuracies of managing disparate applications – allowing skilled resources to concentrate on adding value to the business.”

“It all adds up to more confidence and trust in the process.  The risks are understood, there is transparency at every level of the process and there is more control.”

Editor: What does Cadency mean for existing customers?

“Our strategy hasn’t changed; Cadency simply adds a new dimension.  We have delivered on our vision to manage the R2R process in one environment and our customers have been heavily engaged in the journey with us.”

“We have shared our roadmap with our customers and shown them how they will be able to migrate to the new product.  Their next upgrade will give them access to the whole set of capabilities, centering around three key processes – “Certification”, “Compliance” and “Completion”  added to which we can offer them a choice of deployment methods, such as Cloud, On premises or a hybrid.  The technology footprint is getting smaller which should reduce IT complexity and cost.”

Editor: What do you see as the main market developments impacting on the Last Mile of finance?

“Undoubtedly the main forces are business change and regulation.  CFOs are under constant pressure to reduce cost yet provide more analytical support.  It’s just one example of the competing expectations in the finance function – exacerbated by a period of significant technology change such as mobile, big data, cloud and social media.  Against this background, Cadency gives financial executives a newfound “controlled agility” that reinvents the Record-to-Report cycle. The results: minimized risk, resources and costs; shorter cycles; and alignment with the constantly changing business and regulatory environment.”

Editor:  What new developments can we expect to see from Cadency?

“Cadency, by Trintech, is the world’s only end-to-end financial governance solution that manages the entire Record-to-Report process in a single product, and is designed to allow all finance professionals to add value regardless of their level in the organizational hierarchy.  In other words, Cadency reinforces the integrity of both financial close data and processes, managing risk through enterprise-wide transparency, governance and control across the entire Record-to-Report process. The centralized console allows users to view the status of controls and tasks along the whole process – but pertaining to their unique role in the business.  We’ve made the “user experience” easier and simpler, so the CFO, the audit committee and individual users can see where and how the numbers have come from and can be confident in the integrity of the financial statements.”

Editor: So where do you see Cadency going in the next 5 years?

“We are led by our customers and increasingly this will take us deeper into Asia and Latin America.  There are new capabilities within the product planned for the next 12 months, as well as continuing improvements such as more sophisticated risk profiling throughout the record to report cycle, building on the high demand for risk-based certification automation.  And as we are platform agnostic and highly flexible, I expect to see Cadency rolled out to sit on a wide range of ERP and CPM platforms.”

Editor: How does Cadency sit alongside technology developments such as Cloud computing, Big Data and Mobile computing?

“Cloud computing for us is simply a technology enabler – it’s not of itself going to change the process.  All of our technology is cloud-enabled.”

“As for Big Data – that isn’t a new phenomenon for Trintech. We have customers reconciling 30 million transactions per day and assessing trends within that data using our technology – so Big Data doesn’t faze us.”

“On the other hand mobile computing is a significant development in our market.  It is very important that we embrace mobile innovation and it could be very important for R2R visibility and risk management.  But the real challenge and limitation in mobile technology is screen size.  This drives what tasks can reasonably be performed on an iPad as distinct from an iPhone.  However, I expect more of the processing, especially reviews and approvals to be done on mobile devices.”

Cadency was launched worldwide on November 12th.  To find out more, visit the web site at www.trintech.com

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