JERSEY CITY, N.J., Nov. 9, 2010 (GLOBE NEWSWIRE) -- Fundtech Ltd. (Nasdaq:FNDT), a market leader in global transaction banking solutions, announced that it will offer access to American Express FX International Payments services to provide integrated international payments capabilities to its PAYplus USA clients. FX International Payments offers both corporate and financial institutional clients the ability to send and receive payments in foreign currency.
Banks using PAYplus USA for domestic wire transfers will have integrated international payments capabilities with straight through processing (STP), enabling them to benefit from operational efficiency. American Express will offer competitive foreign exchange (FX) rates and fees, through its service integration with PAYplus USA as well as provide clients with access to its dedicated customer service.
With the expansion of global trade among businesses of all sizes, banks are facing increased pressure to offer efficient and reliable cross-border payment services. Against this backdrop, Fundtech is partnering with American Express enabling banks to provide their clients with access to highly automated global payments service. In addition, FX transactions offer banks a lucrative source of service fees.
Commenting on the alliance, Brett Weinhouse, Vice President and General Manager of FX International Payments, Americas for American Express said: "Our partnership with Fundtech offers PAYplus USA clients a reliable and trusted provider of international payments. Our seamless integration will provide ease-of-use and a high level of efficiency to banks."
Robert Coakley, Fundtech's Executive Vice President and head of US Payment Systems, said: "Our goal is to continually enhance the value of PAYplus USA with new features and expanded functionality. We are delighted to add American Express as an international payments provider, offering our customers more choices for their international payment needs."
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, 2009, 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.