JERSEY CITY, N.J., Sept. 19, 2012 (GLOBE NEWSWIRE) -- Fundtech's Global PAYplus® - SP implementation at Bank of America Merrill Lynch has been recognized with a Model Bank award from Celent, the financial services research and consulting firm, for the development and deployment of the bank's global payment services hub.
The annual award recognizes innovation and results that an esteemed system provides to a bank and its customers. BofA Merrill's use of Fundtech's Global PAYplus® - SP was selected for the award, particularly for the flexibility and depth of its rules engine. Celent's case study report* on the award winners mentions the following:
- "[Fundtech has] radically enhanced the global payments process for BofA Merrill.
- Development work has been reduced 40-70% in most cases
- 100% of online transactions are verified by straight through processing (STP)
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The platform's most impressive offerings are in the utilization of SOA (Services Oriented Architecture), enhancing operations through reusability of services and Fundtech's rules engine which allows for the development of unique services by a simple rule alteration.
- [Global PAYplus'] extensive flexibility empowers the bank to launch new products with ease and allows more rapid global development of features."
According to Bob Meara, Senior Analyst at Celent: "The Model Bank Awards recognize how banks are making effective use of technology today and provide inspiration to banks contemplating how to improve their own business process and technology strategies. BofA Merrill and Fundtech teamed up to create a fine example of how technology innovation can make significant improvements across the enterprise – from simplifying the end-user experience to vastly reducing operational costs by streamlining systems development."
According to Michael Sgroe, President & COO of Fundtech: "We are delighted that Celent has recognized our collaboration with BofA Merrill in developing the industry's leading Payment Services Hub. Our commitment to ongoing innovation that delivers both enhanced user-experience as well as operational excellence is the cornerstone of Fundtech's mission."
* For more information please see Celent Model Bank 2012: Case Studies of Effective Technology Usage in Banking
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 operate Fundtech Connect, one of the world's largest services bureaus that addresses the unique needs of the financial services industry. 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.