Fundtech Expands its SWIFT ServiceBureau to North America
Combined with payments and cash managementthe most comprehensive Transaction Banking service bureau
NACHA PAYMENTS 2010, Seattle, Washington, April 27, 2010, Fundtech Ltd. (NASDAQ: FNDT), a market leader in global transaction banking solutions, announced that it is expanding its SWIFT ServiceBureau into North America, making its full line of financial messaging and value-added services available to US financial institutions and corporations. This expansion builds upon Fundtechs leadership as the worlds largest SWIFT service bureau through its European operations centered in Zurich and London, where the company supports over 250 clients.
SWIFT services complements Fundtechs existing North American ServiceBureau products including wire transfers, ACH (Automated Clearing House) transactions, and cash management, to become the industrys most comprehensive Transaction Banking service bureau.
Michael Sgroe, President and COO of Fundtech, commented, With the flourishing growth of global commerce amongst businesses of all sizes, and the introduction of IAT (International ACH Transactions), the need for SWIFT connectivity continues to increase. Outsourcing to a service bureau eliminates the need to maintain and update an in-house connection, and offers banks many additional benefits including lower operating costs.
Fundtechs SWIFT ServiceBureau integrates seamlessly with back-office banking and corporate treasury management applications. It offers all SWIFT messaging functionality to manage file transfers, FIN messaging, MX messaging, and RMA. It provides access to SWIFTs FileAct service to efficiently exchange IAT files, and other types of files with SWIFT counterparties. In addition, Fundtech provides: high performance applications to check incoming and outgoing transactions in real-time against embargo lists; a wide range of reconciliation services; message transformation services; and data backup services.
This initiative opens the door for further collaboration between SWIFT and Fundtech by providing North American financial institutions and corporations easy access to the SWIFT global financial community, along with the full array of SWIFT utilities and standards.
Commenting on the introduction, Michael Sgroe said: We are expanding our SWIFT ServiceBureau into the North American market in order to globalize one of Fundtechs core lines of business, and bolsters our worldwide leadership position in SWIFT messaging. This contributes to our corporate strategy of growing our services business by offering additional capabilities through our service bureaus around the world.
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, 2008, 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.
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(USA) Bina Kim, Cognito
+1 646 395 6304
George Ravich Fundtech Ltd.