Fundtech Introduces PAYplus Data Monitoring Module
Fundtech Ltd. (NASDAQ: FNDT), a market leader in global transaction banking solutions, today announced the introduction of PAYplus Data Monitoring Module, a fraud prevention system integrated into PAYplus USA that can identify and stop suspicious payment activity before the transaction is sent. The rules-based system enables banks to customize triggers that fit each corporate customers usage patterns, resulting in fewer errors and false positives.
Fraud is a growing problem for banks and their clients. In a recent survey of Fundtech customers, 53% said that fraud monitoring is their biggest challenge in payment processing, and according to a 2009 study done by AiteGroup, 49% of the banks surveyed said that they have seen an increase in losses associated with fraud since the beginning of the Financial Crisis.
Hackers and criminals are utilizing increasingly sophisticated technology to penetrate the banking security infrastructure, commented Anthony Salamone, Vice President of US Payments for Fundtech. As a result, we developed the PAYplus Data Monitoring Module so that our payments clients are better able to stop, identify and analyze suspicious activity prior to the transaction being sent.
With the PAYplus Data Monitoring Module, Fundtech clients are able to develop rules-based triggers based on data models associated with each customers behavior and infrastructure (such as origination source of the transaction). When unusual activity is detected, the Module triggers an alert and holds the payment until a decision is made on the course of action to take.
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, 2009, 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.