JERSEY CITY, NJ, - July 24, 2002 - Fundtech Ltd. (NASDAQ: FNDT), a leading
provider of global payments, settlement and cash management solutions,
announced today that Whitney National Bank of New Orleans, Louisiana, a
subsidiary of Whitney Holding Company, will move to the Fundtech Connect*,
application service provider (ASP) environment. Whitney currently hosts
Fundtech's ACCESS solution at its own site. Fundtech will provide hosting
and customer support services for Whitney at its Fundtech Connect service
center in Norcross, Georgia.
The Fundtech Connect solution's full range of cash management services
includes previous and current day balance reporting, book transfers, foreign
and domestic funds transfers, ACH origination, check management, bank
reports, and e-mail. The Fundtech Connect solution, which will be accessed through Whitney's web site at whitneybank.com, will enable Whitney Bank to deliver its current full range of cash management services to its business customers at reduced costs. With Fundtech administering the application, Whitney will no longer need to invest in equipment or maintenance, and will thus lower operating costs.
"We have been using Fundtech's cash management solution for a number of years and it makes sense for us to have Fundtech host and manage the solution for us," said Tammy Daigle, Manager of Treasury Management Operations, Whitney National Bank. "We are happy to have the opportunity to work through an ASP arrangement, where we can focus on growing our banking business and not on the technical know-how required to manage hardware and software applications."
"We believe in the importance of offering our customers the resources to increase their competitiveness," said Michael Sgroe, President of US Product
and Operations, Fundtech. "We continue to see demand for our ASP single-vendor solutions. Today's banks require the full range of products and services to compete effectively, and meet the changing needs of their customers."