JERSEY CITY, N.J., March 14, 2011 (GLOBE NEWSWIRE) -- Fundtech Ltd. (Nasdaq:FNDT), a market leader in global transaction banking solutions, announced that India's IDBI Bank, an existing customer, has gone live on both the Payments and Receivables modules of Global CASHplus®, Fundtech's new generation cash management and financial supply chain product. IDBI's corporate clients will now have access to advanced cash flow planning and working capital optimization applications. Fundtech has been providing best-in-class solutions to IDBI Bank for over nine years.
Anshuman Jaswal, senior analyst at Celent India, commented, "Banks in India are looking to compete with and supersede their global counterparts with technology investment and advancement. In-line with demands from their corporate clients, banks are looking to offer more sophisticated treasury solutions, such as cash forecasting and planning tools. Working with a global transaction banking provider such as Fundtech, IDBI Bank can leverage its expertise and implementation skills."
Global CASHplus will help IDBI Bank centralize its payments and collections processing for its corporate customers, including salary payments and invoice payments. The new system enhances many of the bank's collections services, including guaranteed arrangements, check collections, post-dated check collections, correspondent bank management, among others. Corporate clients will use a web-enabled interface that integrates all services into a single window.
According to Sanjay Dalmia, managing director, Fundtech India Ltd, "Global CASHplus offers an easy-to-use, yet sophisticated suite of financial tools to manage all aspects of corporate electronic banking and financial supply chain transactions. We are proud to work with a leading bank like IDBI on their strategic transaction banking initiatives and wish them every success."
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, include 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.