ORLANDO, Fla., April 6, 2009 (GLOBE NEWSWIRE) -- Fundtech Ltd. (Nasdaq:FNDT), a leader in global transaction banking solutions, today announced the introduction of PAYplus Connect, a version of PAYplus USA designed for community banks that require a low volume solution at a low cost. Offered on a SaaS (Software as a Service) basis, PAYplus Connect provides community banks with the wire transfer features that large banks have, on an outsourced, pay-per-transaction basis.
At a time when community banks have a unique opportunity to expand their business banking customer base due to the crisis that has weakened many larger banks, Fundtech is offering community banks affordable access to the nation's best-selling wire transfer system. PAYplus USA's automation will provide greater speed and accuracy, while its extensive customer-facing features will make community banks more competitive and offer them new service-fee opportunities.
PAYplus Connect is operated by Fundtech in its service bureau located near Atlanta, and can be quickly integrated with the bank's core processor or in-house operation. Banks pay a small set-up charge, and then pay-per-transaction, making it affordable for banks with very small wire transfer volumes.
With PAYplus Connect community banks will automate many of the labor-intensive tasks such as account balance verification and OFAC screening, reducing processing time while improving accuracy and risk management.
Enhanced customer-facing features such as automated advices for income and outgoing wires, automated activity reports, late day cut-off times, and balance alerts make community banks more competitive with larger commercial banks, and offer new revenue opportunities.
PAYplus Connect offers a low total cost of ownership and most banks will realize a positive return on investment when they switch from FedLine Advantage(r)*.
According to Brian Jou, executive vice president at Fundtech: "There has never been a more opportune time for community banks to upgrade their wire transfer services. PAYplus Connect is a low-cost way to quickly become more competitive with larger banks, while improving profitability. Fundtech makes it easy, and will provide the support community banks will need to be successful."
* Based on a Fundtech TCO analysis conducted in Q1 2009. FedLine Advantage(r) is a registered trademark of the Federal Reserve Bank
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, 2007, 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.