JERSEY CITY, N.J., May 23, 2012 (GLOBE NEWSWIRE) -- Fundtech, a market leader in global transaction banking solutions, today announced that its Global CASHplus® has won The Asian Banker's award for Best Corporate Payments Implementation Project, along with its client HDFC Bank, one of India's leading banks with over 25 million customers.
Building on its established remittance business, HDFC Bank realized that in order to reach more potential customers, the bank needed to speed up the development of interfaces with third-parties such as exchange houses and partner banks. These interfaces enable third parties to link easily into the bank's underlying remittance processing engine deployed by Fundtech.
HDFC Bank implemented Fundtech's remittance solution, part of Fundtech's Global CASHplus suite of modules, which has resulted in a remarkable 50% increase in the monthly remittance volumes that it processes. Fundtech's solution provides a real-time web services-based channel, which enables the bank's partners to aggregate remittance transactions and send them to HDFC Bank in a secure environment. The scalability of Fundtech's solution has allowed HDFC to build up its business significantly and expects to achieve a 100% growth in its partner base.
Global CASHplus provides a high degree of automation replacing many time-consuming manual processes. With Global CASHplus, HDFC Bank has automated transaction initiation, automated acknowledgement, rejections where necessary and online transaction status. These enhancements have greatly improved turn-around-time, and as a result, partner and customer satisfaction has increased.
According to Gil Gadot, Fundtech's President of Asia-Pacific: "Winning this prestigious award for the Best Corporate Payments Implementation Project is an honor, and we deeply appreciate the recognition for our work with HDFC Bank."
Global CASHplus is Fundtech's flagship cash management, financial supply chain and trade, and remittances solution. The platform offers an integrated suite of features with rich functionality and scalability that is deployed on a modular basis.
The Asian Banker Awards program is administered by The Asian Banker and voted on by prominent global bankers, IT consultants and academics. A stringent three-month long evaluation process determined the winners from across the Asia Pacific and the Middle East regions. The winners were honored at an event that recognized their efforts in using the best technology to run their institutions and bring superior products and services to their customers.
About Fundtech
Fundtech is a leading provider of financial technology to banks and corporations of all sizes around the world. Founded in 1993, Fundtech was acquired by GTCR, a Chicago-based private equity firm. Major product lines are: payments and liquidity management; cash management, financial messaging, electronic invoice presentment, supply chain financing, remote deposit capture, merchant services, credit card gateway products and mobile banking products. The company sells these systems through either a traditional software license or through a Software-as-a-Service (SaaS) contract. Fundtech operates one of the world's largest services bureaus called Fundtech Connect, which addresses the unique needs of the financial services industry. Thousands of financial institutions and companies around the world rely on Fundtech's innovation to improve operational efficiency, increase revenues, and to provide greater competitiveness through business-to-business services. For more information please visit www.fundtech.com