Ecobank Omni goes live with Fundtech’s Global CASHplus® system
Serving business customers in 30 countries across the African Continent
Fundtech Ltd. (NASDAQ: FNDT), a market leader in global transaction banking solutions, announced that Ecobank, the leading Pan-African bank with over $11 billion in assets, has launched Fundtechs Global CASHplus cash management system across its network of affiliates covering 30 countries throughout Africa.
Ecobank has ambitious growth objectives for its corporate cash management business, as its client base is increasingly requiring access to cross-border transactions and online payment systems.
Ecobank made the strategic decision to utilize Fundtechs Global CASHplus electronic platform, which is being deployed under the name of Ecobank Omni, supporting the growth in transactional volumes of its corporate clients. The bank has implemented the Payments, Receivables and Balance reporting modules of Global CASHplus.
The Receivables module enables Ecobanks customers to optimize their working capital requirements with a single dashboard for managing everything from cash collection to complex direct debit mandates. With a full range of pooling, concentration, sweeping and off-setting configurations and on-demand liquidity transfer capabilities, Global CASHplus helps Ecobanks corporate customers integrate their cash management across Africa.
Ecobank also offers multi-bank and multi-account balance reporting in a single window. By rolling out CASHplus across its pan-African network, Ecobank can leverage the benefits of scale, relying on a central, robust product infrastructure to drive growth consistently across all 30 countries.
Commenting on the attributes of Global CASHplus, Oti Ikomi, Group Head of Corporate Banking Products at Ecobank, said: Growing our transaction banking business across Africa is a key objective for the bank. We require a cash management system that is flexible enough to accommodate varying business practices across our network and powerful enough to meet the high volume of transactions that it will support. The implementation of Fundtechs Global CASHplus which is customized for us as Ecobank Omni is a key strategic step in strengthening our competitiveness across Africa.
Fundtech Executive Vice President Gil Gadot said: Ecobank represents an important geographic expansion into the African continent. Africa represents an emerging market in the banking industry and we are delighted to work with the regions leading bank, providing them with the advanced technology that will support their growth objectives.
Fundtech (NASDAQ: FNDT), was founded in 1993, and is a leading provider of software and services to banks of all sizes around the world. Payments systems include wire transfers, ACH origination, cross-border payments and remittance. Cash management systems are designed for large corporate through small business clients. Fundtech operates the worlds largest SWIFT service bureau. We offer an extensive line of financial supply chain applications including electronic invoice presentment and supply chain financing. And we are the leading provider of CLS systems to the worlds largest banks. More than 1,000 clients throughout the world rely on Fundtech solutions to improve operational efficiency and provide greater competitiveness through innovative business-to-business services. For more information, visit www.fundtech.com.
Forward Looking Statements:
This news release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, projections of revenues, income or loss, capital expenditures, plans for growth and future operations, competition and regulation. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted or quantified. When used in this Release, the words, "estimates," "expects," "anticipates," "believes," "plans," "intends," and variations of such words and similar expressions are intended to identify forward-looking statements that involve risks and uncertainties. Future events and actual results could differ materially from those set forth in, contemplated by or underlying the forward-looking statements. The factors that could cause actual results to differ materially from those discussed or identified from time to time in Fundtech's public filings, including its Annual Report on Form 20-F for the year ended December 31, 2010, including general economic and market conditions, changes in regulations and taxes and changes in competition in pricing environment. Undo reliance should not be placed on these forward-looking statements, which are applicable only as of the date hereof. Fundtech undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this Release or to reflect the occurrence of unanticipated events.
(UK) Chanda Gathani - Metia Inc.
+44 (0) 20 3100 3605
(USA) Binna Kim, Cognito
+1 646 395 6304
George Ravich Fundtech Ltd.