Fundtech’s BBP Awarded “Best in Class” SWIFTReady Connectivity label from SWIFT
One of only four service bureaus in the world to achieve this designation
Fundtech Ltd. (NASDAQ: FNDT), a market leader in global transaction banking solutions and operator of one of the worlds largest SWIFT service bureaus, announced that its subsidiary BBP has received the SWIFTReady Connectivity label. This SWIFTReady label, which recognizes BBP as one of the best in class shared connectivity providers, has currently been achieved by only four service bureaus in the world.
The SWIFTReady Connectivity label is based on in-depth inspection and audit by SWIFT specialists, and has been established to assist SWIFT customers in identifying shared infrastructure providers that host and operate their own connectivity. According to SWIFT the award: recognizes providers that meet higher standards of resiliency and security to make it easier for users to identify the best in class providers and have confidence that they meet very strict quality levels.
Peter Vermeulen, SWIFTs Business Development Manager, responsible for Service Bureaus said: We congratulate Fundtechs BBP for achieving the SWIFTReady Connectivity label. It recognizes BBP among the shared infrastructure providers who offer greatest security and resiliency for end-users connecting to SWIFT.
The SWIFTReady Connectivity label is a seal of approval from SWIFT that an organization has met their high standards for safety and soundness, says Nancy Atkinson, senior analyst at Aite Group. As outsourcing non-core processing to service bureaus becomes more common, companies and financial institutions want assurances that their messages will be sent accurately, timely, securely, and with excellent recovery in the event of problems. Vendors with the SWIFTReady Connectivity label have been vetted by SWIFT, which is willing to provide such assurances.
According to Per Trifunovic, BBP Chief Executive: Over the past 25 years BBP has consistently focused on delivering to the market the highest quality and reliability achievable. We are gratified that SWIFT has recognized our commitment to these high standards. As we seek to expand globally, we believe that this SWIFTReady Connectivity label will provide us with the credibility needed to be successful in these new geographies.
Since its founding in 1984, BBP AG has been specializing in the development and operation of interbank applications. BBP operates one of the worlds largest Swift service bureaus, processing more than one million transactions per day. The ServiceBureau provides secure connections to SWIFT (FIN, FileAct, InterAct, Browse), SIC, euroSIC and SECOM. In addition, the ServiceBureau operates applications for compliance (transaction filter), as well as reconciliation (cash, securities, FX, investigation) and manages a message archive.
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.
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