BEIJING, May 10, 2009 (GLOBE NEWSWIRE) -- Fundtech Ltd. (Nasdaq:FNDT), a market leader in global transaction banking solutions, announced that 12 banks across five countries in Asia have contracted to use Global CASHplus.
Global CASHplus (GCP) is Fundtech's next generation transaction banking solution that combines comprehensive global cash management with the full range of automated financial supply chain features. GCP is gaining momentum because it provides a complete solution for corporations who need to manage their working capital on a global basis, particularly while the challenging operating environment is increasing pressure on financial supply chains. Across Asia, many banks are turning to cash management solutions which incorporate automated financial supply chain technology to help their clients access hidden liquidity caught up in unpaid invoices or inefficiencies in the chain. GCP is the product of choice, as banks in Thailand, Indonesia, Malaysia, Philippines, and India have already leveraged Fundtech's technology to strengthen the services they are offering to their corporate clients.
Gil Gadot, Fundtech's managing director, Asia-Pacific, said, "The momentum we are experiencing throughout Asia-Pacific is in response to Global CASHplus' comprehensive set of features, and its ability to meet the wide range of needs of multi-national corporations. With over 400 employees in five offices throughout the region, Fundtech is well positioned for growth in Asia-Pacific."
About Global CASHplus
GCP is an extension of Fundtech's end-to-end-to-end (also referred to as E-to-E2) strategy, which expands the traditional boundaries of global end-to-end transaction banking to include corporate clients and their trading partners.
For corporate users, GCP offers an abundance of cash management features. The multi-country / multi-currency payments and collections management functions support the full spectrum of electronic and paper-based transactions and integrate with corporate ERP systems. The global liquidity management functions include cash pooling (real, notional, and cross-border), cash concentration, and a variety of sweeps.
With integrated financial supply chain features, corporate clients and their trading partners are connected to a seamless stream of transaction-related documents and information, which are connected to the flow of funds. Key features include: electronic invoicing and associated document management and a wide variety of open account trade finance features such as factoring, receivables financing, pre-shipment financing and reconciliation.
Editor's notes:
Fundtech will be exhibiting at the Asian Banker Summit in Beijing, from 11-13 May. At the conference, Fundtech will discuss its expansion strategy into the Chinese market, where it will be selling its solutions both through direct sales and a partner in China. To schedule a briefing at the Summit, please contact Jenny White at +65 6372 5286 or jenny.white @metia.com.
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.