JERSEY CITY, N.J., Oct. 6, 2010 (GLOBE NEWSWIRE) -- Fundtech Ltd. (Nasdaq:FNDT), a market leader in global transaction banking solutions, announced today the introduction of FIRST ServiceBureau, coordinating the firm's six owned and operated service bureaus to deliver global transaction banking services. FIRST ServiceBureau upholds a standard of service excellence for outsourced financial transaction processing across the globe.
Fundtech is one of the world's largest service bureau providers with operations in Switzerland, the United Kingdom and United States, and over 700 customers in 30 countries. Across these facilities, the company offers a wide range of advanced services that are available to customers (both financial institutions and corporations): financial messaging (SWIFTNet connectivity), transaction monitoring (anti-money-laundering), reconciliation (cash, securities, confirmation, investigations), data transformation and archiving, payment processing (US wire and ACH, UK Bacs), cash management, and electronic invoice presentment.
Operating as a consolidated business unit throughout Fundtech, FIRST ServiceBureau offers the market an unmatched level of service and reliability as well as customer support on a global and local level. A global client can establish a global service level agreement (SLA) and have the ability to reach a local customer service representative 24 hours a day, seven days a week.
FIRST ServiceBureau addresses the fast-growing trend of globalized business process, and the need for more connected and integrated operations, especially when they are outsourced to a service bureau.
FIRST ServiceBureau maintains the highest standards in quality, reliability, and security certification around the world. The Swiss operation has received SAS-70 Type II certification, Swiss Financial Market Supervisory Authority (FINMA) certification, and SWIFT's highest designation for service bureaus - the SWIFTReady Connectivity label - which has been achieved by only four service bureaus in the world. The US-based service bureau receives annual SAS-70 Type II audits and is regularly audited by the Federal Financial Institution Examination Council (FFIEC).
Commenting on the announcement, Reuven BenMenachem, Fundtech CEO said: "Aligning all of our service bureau operations makes Fundtech one of the world's largest service bureau providers. FIRST ServiceBureau offers the market a wide range of transaction banking services across the globe with reliable and consistently high quality service levels."
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, including general economic and market conditions, changes in regulations and taxes and changes in competition in pricing environment. Undo 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.