Bank realizes vast improvements in automation and straight through processing (STP) rates
JERSEY CITY, N.J.-- August 10, 2004-- Fundtech Ltd. (NASDAQ:FNDT), a leading provider of payments, cash management and settlement software and services, today announced that Bank Austria Creditanstalt (BA-CA) has gone into production with Fundtech’s Global PAYplus in the Czech Republic and Hungary. The bank will roll out the payment service in Slovakia, Slovenia and Croatia in the next few months.
Global PAYplus was selected because of its multi-bank capability and because its rules-based architecture will enable the bank to process a large volume of payments with a high degree of automation. This is especially important because the payments will have to conform to the unique mandates and message standards set by each country, as well as foreign exchange standards.
"Our goal is to maintain our leadership in cross border payments processing," said Susanne Bachmann, project manager in the bank’s CEE operations department in Vienna. "Global PAYplus helps us achieve this goal because it provides a high level of automation, and has the flexibility to address the unique customer and regulatory requirements in each of the countries that we operate in."
"We are delighted that Bank Austria Creditanstalt has chosen to work with Fundtech in their expansion throughout Central and Eastern Europe. Global PAYplus will help the bank profit from the rapidly changing monetary systems throughout the region, and enable them to further expand their business," said Michael Sgroe, president and chief operating officer of Fundtech Corporation.