JERSEY CITY, N.J., April 4, 2014 (GLOBE NEWSWIRE) -- Fundtech, a market leader in global transaction banking solutions, is proud to announce that two customers have received Celent's prestigious Model Bank Award in the category of Payments Innovation, for initiatives executed using Fundtech's Global PAYplus, a global payment platform for high value, mass payments and immediate payments. The award, given to two Fundtech customers—Barclays and Bankgirot—recognizes leading banking solutions that have a clear and sustainable impact on business, improving sales or services, reducing risks or costs, and improving business processes for banks and their customers. The Barclays and Bankgirot projects were selected from among 83 nominations for Celent Model Bank Awards.
Barclays Global Payments received the award for its ambitious initiative to overhaul its entire payments infrastructure. The bank identified an opportunity to replace its legacy payment application with a cohesive payment platform that maintained distinct configurations based on a country's payments infrastructure and regulatory environment.
Bankgirot, Sweden's clearing house for mass payments and the first non-bank entity to receive the award, was honored for furthering the goal of achieving a cash-free society in Sweden. Using Fundtech's Global PAYplus, Bankgirot launched Sweden's first new payment system in more than fifty years, making the dream of real-time payments a reality. At the time of launch, there was an immediate spike in payments processed through the seven banks Bankgirot supports, and by October 2013, 850,000 users had adopted the system, transacting payments to the value of SEK 1.3 billion.
"Fundtech congratulates both Barclays and Bankgirot, and is honored to have worked with each of these outstanding firms on payments initiatives that are both forward-thinking and groundbreaking," says Isaac Yaniv, Executive Vice President, Global Payments, at Fundtech. "Our customers' desire to reshape and advance the payments industry is what drives us at Fundtech to provide the most innovative solutions in the market."
"We are pleased to have both of our customer submissions in this category receive this award from Celent," says Edward Ho, Fundtech's President and Chief Operating Officer. "Our Global PAYplus platform exhibits the resiliency to successfully address both the banking and clearinghouse markets."
According to Bob Meara, Senior Analyst at Celent: "The Model Bank Awards recognize how banks are using technology to change the face of banking. These banks should serve as an inspiration to others looking for strong examples of best practice implementation that will have a truly meaningful impact on business results and the industry overall."
About Fundtech
Fundtech offers a comprehensive line of transaction banking solutions to banks and corporations of all sizes around the world. As a strategic supplier, Fundtech's customers benefit from lower operating costs and an enhanced end-user experience through integrated and feature-rich solutions. The firm's major product lines include: global and regional payments, corporate cash and liquidity management, financial messaging, electronic invoice presentment, supply chain financing, remote deposit capture, merchant services, credit card gateway and mobile banking products. Fundtech offers its software through a traditional software license and a Software-as-a-Service (SaaS) contract. Thousands of financial institutions and companies worldwide rely on Fundtech's innovation to improve operational efficiency, increase revenues, and provide greater competitiveness through business-to-business services. Founded in 1993, Fundtech was acquired in 2011 by GTCR, a Chicago-based private equity firm. For more information please visit www.fundtech.com.