Financial institutions exchange real-time information with Twinfield online accounting service

Released on: July 14, 2008, 6:39 am

Press Release Author: Twinfield International

Industry: Accounting

Press Release Summary: Twinfield consolidates position in online accounting

Press Release Body: London, 14th July 2008 - Twinfield, the leading provider of
online accounting services in Europe, has today announced that more than twenty
national and international financial institutions now exchange real-time information
with its web service.

The integration of online banking and online accounting provides Twinfield users
with some key benefits. Payment orders no longer need to be manually copied to the
banking service and bank statements no longer need to be manually entered into
accounting systems. Data exchange between the financial institution and the
book-keeping is fully automated. Twinfield users who maintain an account with one of
the twenty banks, who are now linked to its web service, are gaining considerable
time savings. Among the financial institutions paired with Twinfield are ABN AMRO,
Rabobank, ING-bank, SNS-bank, Fortis, Bizner, Bank of Tokyo, Raiffeisen bank, Bank
of Ireland, AIB and Ulster Bank.

The Twinfield online accounting service allows full integration with internet
banking. Payment or Direct Debit files can be generated to pay or collect invoices.
On the other end of the accounting process it is also possible to import bank
statements using the e-bank statement function. This self-learning tool will not
only import, but will also automatically allocate transactions to the relevant
expense, supplier or customer account.

"The Reconciliation Product gives Ulster Bank clients the ability to import
electronic bank statements directly into Twinfield, reducing manual bookkeeping
entries and possible errors," said David Delaney, consultant, Ulster bank. "We have
worked together with Twinfield Ireland, on an exciting project for our mutual
client, IPOS. IPOS is a network of independent pharmacies and they hold 170 bank
accounts with Ulster bank. Now with a single file download & import, statements for
all 170 accounts can be processed automatically in a fraction of the time manual
input would have taken. This is a perfect example of how Ulster Banks internet
banking facility combined with Twinfield has offered true added value to the

Andr Kwakernaat, CEO and co-founder of Twinfield concluded: \"Our leading position
in online accounting enables us to realise the large scale pairing of financial
services with a large number of European financial institutions. For our customers
this means considerable time savings and therefore a reduction in costs."

Photography for this story is available in jpeg format from

About Twinfield International N.V.
Twinfield is an international web service for online accounting. With well over
60,000 companies and 26,000 users in 22 countries, Twinfield is the first and
foremost web service for online accounting in Europe. Users can gain access to their
online accounting from any place, at any time through secure internet connections.
Twinfield online accounting is available by subscription, with rates per user, per
month. For additional information, please visit:

Press contact:
Camille Closs
+44 (0)20 8286 0654
Watch PR

Web Site:

Contact Details: Camille Closs
Watch PR
+44 (0)20 8286 0654
29 Gibbon Road, Kingston upon Thames, KT2 6AD, UK

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