Fundtech Ltd. (NASDAQ: FNDT), a leading provider of global electronic payment, settlement and cash management solutions, today announced that it will offer its clients a new way to make international funds transfers, through Citiâs International Payments Processing system. The collaboration will benefit Fundtechâs clients by further enhancing their payments processing capabilities. Citiâs extensive on-the-ground presence in over 100 countries also makes this a powerful solution for cross-border fund transfers.
Fundtechâs new PAYplus Citi International Payments module enables U.S. financial institutions to make cross-border payments in multiple currencies, using their PAYplus USA payment system.
âFundtech and Citiâs powerful new International Payments processing solution will enable banks of all sizes to offer their clients global payment capabilities previously only available from the largest financial institutions,â said Jordan W. Graham, Managing Director of North American Business Development for Citiâs Global Transaction Services Division. âOur joint offering reduces the need for banks to operate multiple payment systems and correspondent banking relationships, by leveraging Citiâs global network to quickly and cost effectively transfer funds internationally. Instead of maintaining accounts in multiple currencies at a number of correspondent banks, Fundtechâs clients can work seamlessly through Citi, a trusted global financial institution.â
Citiâs Global Transaction Services business offers integrated cash management, trade, securities and fund services to multinational corporations, financial institutions and public sector organizations around the world.
âThis comprehensive solution benefits Fundtech clients in many ways. It minimizes the cost of processing foreign exchange transactions, enhances STP, and provides the base to generate additional revenue. Fundtechâs PAYplus USA solution centralizes all payments activities and can be utilized by the bankâs branches and customers via a browser,â states Michael Sgroe, President and COO, Fundtech. âWe are pleased to partner with Citibank to offer our clients extended FX capabilities. This is another example of how Fundtech continues to offer value-added services to our clients.â