SAN JOSE, Calif. and JERSEY CITY, N.J., May 15, 2013 (GLOBE NEWSWIRE) -- NETSUITE SUITEWORLD 2013 – Fundtech, a market leader in global transaction banking solutions, today announced the launch of the TotalTransact SuiteApp, built using NetSuite's SuiteCloud Computing Platform. The new SuiteApp extends NetSuite's capabilities with a cloud-based financial management solution that automates paper check payment entry, posting and remote deposit capture (RDC) for corporate accounting departments. The seamless integration of Fundtech's TotalTransact SuiteApp provides NetSuite customers with a streamlined accounts receivable process.
The TotalTransact SuiteApp extends NetSuite's capabilities with the first, integrated RDC application available to NetSuite customers, allowing users to scan checks for automated entry and post with optional matching to outstanding invoices. Users can then directly submit the items for deposit to their bank accounts, all within their NetSuite session. The solution is ideal for businesses that receive paper check payments and use NetSuite's financial management functions.
"With a single, integrated process, businesses can reduce manual effort, eliminate errors and accelerate order management," said Tim Gunderson, Director of Strategic Alliances at NetSuite. "Partnering with Fundtech, a leader in the RDC space, allows us to offer our customers a new and innovative way to reduce the time and cost associated with handling paper check payments."
Key features and benefits of TotalTransact for NetSuite include:
- Automatically recorded, deposited and matched check transactions in NetSuite
- Visibility into returned items
- Time and money savings by eliminating the manual entry and posting of paper check payments and reducing the number of bank trips required to deposit checks
- Fraud mitigation and quality control tools that are compliant with FFIEC guidelines and backed by Fundtech's SSAE 16 standard data centers to ensure the solution is secure and that businesses can easily manage risk and meet audit compliance requirements
The TotalTransact SuiteApp for NetSuite leverages Fundtech's secure and proven NetDeposit RDC processing platform, a solution used by thousands of financial institutions and businesses today. Fundtech's NetDeposit customers can easily add the TotalTransact SuiteApp for NetSuite to their business services portfolio as an additional service.
"With the TotalTransact SuiteApp, corporate accounting departments are now fully supported with RDC capabilities, a 'must' in today's competitive environment," said Danne Buchanan, EVP of Fundtech. "With this partnership, Fundtech has leveraged its expertise in providing RDC solutions to financial institutions and corporate accounts, allowing NetSuite to offer customers the opportunity to expand their operating footprints and ultimately grow their businesses."
For more information about the integrated solution, please visit http://www.suiteapp.com.
About SuiteCloud
NetSuite's SuiteCloud is a comprehensive offering of cloud-based products, development tools and services designed to help customers and commercial software developers take advantage of the significant economic benefits of cloud computing. Based on NetSuite, the industry's leading provider of cloud-based financials / ERP software suites, SuiteCloud enables customers to run their core business operations in the cloud, and software developers to target new markets quickly with newly-created mission-critical applications built on top of mature and proven business processes. The complete SuiteCloud offering includes NetSuite's multi-tenant, always-on SaaS infrastructure; the NetSuite Business Suite of applications (Accounting/ERP, CRM and Ecommerce); and the NS-BOS Development Platform.
The SuiteCloud Developer Network (SDN) is a comprehensive developer program for Independent Software Vendors (ISVs) who build apps for SuiteCloud. All available SuiteApps are listed on SuiteApp.com, a single-source online marketplace where NetSuite customers can find applications to meet specific business process or industry-specific needs. For more information on SuiteCloud and the SDN program, please visit: http://www.netsuite.com/developers.
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, our clients benefit from lower operating costs and an enhanced end-user experience through our integrated and feature-rich solutions. Our major product lines are: 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. We are also the world's largest service bureau operator. 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.
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