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Fundtech's PAYplus USA Strengthens Market
Leadership
as Company Signs over 40 Banks in One Year
New Generation Payment System Reduces Costs
by as Much as 50% While
Improving Customer Service
JERSEY CITY, NJ--(BUSINESS WIRE)--May 6,
2003--Fundtech Ltd. (Nasdaq: FNDT), the leading provider of global
electronic payments, settlement and cash management solutions,
announced today that it has signed 44 new PAYplus USA™ clients over
the last 12 months, further strengthening its position as the
country's leading payments solution provider.
Financial institutions are selecting Fundtech's new generation
payment solutions because it offers the most effective way to reduce
operating costs, mitigate risk and enhance customer service.
"Fundtech's PAYplus USA solution allowed us to reduce full
time equivalent (FTE) hours by 50%. It also helped us automate our
accounting entries and eliminate 70% of the steps that were once
needed to complete a wire. Our users found the system easy to learn,
and management is happy with the new-found control they have over
payments operations," said Danyel Siler, Accounting Officer at
First National Bank, IN.
"We are delighted to see strong market acceptance of PAYplus
USA. These results validate the product's ability to deliver
significant operational cost savings and improved customer
service," said Michael Sgroe, Fundtech's Chief operating Officer.
PAYplus USA's Automated Payment Lifecycle Management™ feature
automates many aspects of the payment process and can have a dramatic
effect on the bank's bottom line. In addition to lowering a bank's
operating costs, automation also enables banks to better serve their
corporate customers through faster payment initiation and
confirmation.
"We needed a more efficient solution in order to streamline
the payment process. PAYplus has allowed us to process a much larger
percentage of our payments without human intervention. The user
interfaces follows our workflow process and has made the solution
efficient and easy to use, increasing overall productivity through
time and cost savings," said Tony Gautney, SVP & Director of
Cash Management for BankAtlantic.
A partial list of the banks Fundtech has signed over the past year
for PAYplus USA include: Amalgamated Bank of Chicago, IL; Arvest, AK;
BankAtlantic, FL; Central Carolina Bank, NC; Citizens Business Bank,
CA; First Indiana Bank, IN; First National Bank, IN; National Commerce
Finance, NC; Regions, AL; Synovus Financial Corp, GA.
About Fundtech
Fundtech (www.fundtech.com)
is a leading provider of software solutions and services that
facilitate payments, settlement and cash management by enabling
businesses and their banks to electronically manage cash, process
payments and transfer funds. The Company's client-server and Internet
software products automate the process of transferring funds among
corporations, banks and clearance systems and enable businesses to
manage global cash positions efficiently and in real-time. Its
solutions have been sold to more than 750 financial institutions
around the globe.
Contacts:
Ruder Finn, Inc.
Steve Hickok, 212/593-6342
hickoks@ruderfinn.com
or
Fundtech
George Ravich, 201/946-1100
georger@fundtech.com