Fundtech Signs 50th SWIFT Corporate Client
Growth marks expansion of world’s largest SWIFT service bureau Corporates leverage SWIFT to reduce cost and complexity of bank connections
Jersey City, N.J., September 14th, 2011, Fundtech Ltd. (NASDAQ: FNDT), a market leader in global transaction banking solutions, and operator of the world’s largest SWIFT service bureau with over 300 financial clients, has signed its 50th corporate client, reaching an important milestone after three years of rapid growth in its corporate business. Corporations are showing increased interest in communicating with their banks via SWIFT as they seek to simplify and standardize these connections to automate and lower costs.
Fundtech’s Financial Messaging Business Unit has seen growing interest in SWIFT among corporations following the global financial crisis. This is largely attributable to the need for greater operating efficiencies and flexibility with banking relationships. By using SWIFT to communicate with banks, corporations are able to eliminate proprietary bank connections which are complex and costly to maintain. For large corporations managing multiple banking relationships, these issues are amplified. The 50 clients now on the Fundtech’s ServiceBureau include major global corporations such as: Unilever, Carlsberg Group, and Coca-Cola Hellenic.
According to Ben Schol, Subject Matter Expert SAP & Treasury at Unilever: “When we operated our SWIFT connection in-house it was complex and expensive, requiring on-staff specialists to maintain it. We decided to outsource to Fundtech in order to simplify our operations and achieve the reliability that we require. The switch to the Fundtech ServiceBureau was transparent to our end-users.”
Bart Jansen, Director of Treasury & Risk Management for Coca-Cola Hellenic, said: “SWIFTNet connectivity helps Coca-Cola Hellenic reduce complexity, driving standardization and efficiencies across the group. Our decision to work with Fundtech was logical given their strong track record with corporates and experience with SAP Treasury integration.”
Fundtech’s SWIFT ServiceBureau is part of the company’s First ServiceBureau, a global network of six service centers that supply over 700 banks and corporations in 30 countries with a wide variety of services such as payments, cash management, electronic invoice presentment, and financial messaging. First ServiceBureau offers its clients a global SLA (service level agreement) delivering consistency and reliability throughout the world, as well as regional technical support ensuring that help is available within the user’s time zone. This unique combination of global and local services addresses the growing trend of globalizing business processes and the need for more connected and integrated operations.
About Fundtech 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 world’s 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 world’s 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. Undue 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.
Corporate Contacts: George Ravich – Fundtech Ltd. / +1-201-215-6530 / firstname.lastname@example.org