FOREX Banks on Trintech, Saving Time and Cutting Costs

Drivers to Automate and Finding a Solution

Before Trintech, FOREX struggled with manual processes performed in spreadsheets. “We have a lot of bank accounts and a lot of transactions, so it was very easy to miss items,” said Louise Myhrskold, Team Lead for Accounting at FOREX. Working in the Banking and Financial Services space, these lapses increased the organization’s level of risk significantly—above their acceptable risk thresholds. “Anytime you do something manually, you expose yourself to risk,” continued Myhrskold.

After comparing several solutions in the market, Adra by Trintech was decided upon. After several successful years with the Adra solution, FOREX chose to expand their relationship with Trintech by upgrading Adra Accounts to Adra Matcher. “We felt that Trintech had made a lot of updates between Accounts and Matcher, making Matcher a more modern solution that would really be beneficial to us. We saw an opportunity to use Matcher in a better way, making our work easier.”

“The implementation of Adra Matcher was so easy! Trintech managed everything on our behalf, so it was really simple for the FOREX team.”

Solution in Action

Since FOREX has ramped up their use of automation with Adra, the team has seen many benefits: “The solution has absolutely been worth our investment – it saves us both time and money!”

“We have high volumes of reconciliations within our bank accounts, so Adra has been a game changer,” shared Myhrskold. “When it comes to our month-end close processes, Adra helps me see potential bottlenecks and monitor my team’s workload, allowing me to get ahead of problems before they arise. This reduces the stress on the team as well as ensures that we’re maximizing efficiency and getting everything accomplished on time.”

Trintech reduces stress on the team in more direct ways as well, by housing all of FOREX’s documentation in one secure, easy-to-navigate platform. “Our team can easily work remotely as needed and as a Team Lead, I don’t have to print out and keep track of paper copies that need to be physically signed,” mentioned Myhrskold. “Keeping all of our documentation in the solution is a huge benefit for us.”

Leveraging Trintech’s solution includes much more than feature sets and functionalities – it’s a community and a partnership. “Trintech’s Success Center is very helpful! We can see what questions other users have asked, as well as the answers to those questions. We can also suggest new features or feature enhancements, plus get sneak peeks into what Trintech is working on developing. When we do need to contact Trintech’s support team, they’re very responsive.”

When asked if she had any advice for organizations that are just beginning their automation journey, she said: “Go all in! Explore the solution for the multitude of ways that you can increase efficiency, saving both time and money. Make sure you’re leveraging the solution to the best of your ability to maximize your ROI.” FOREX is looking forward to seeing what Trintech is working on next and finding additional ways to improve their efficiency with Adra.