Fundtech Ltd. (NASDAQ: FNDT), the leading provider of global electronic payments, settlement and cash management solutions, announced today that Australia and New Zealand Banking Group Ltd. (ANZ) has launched Fundtech's Global PAYplus(TM)payment system in New Zealand.
With ANZ now processing customer payments in New Zealand through the Global PAYplus system, the bank is well on its way to replacing a number of disparate payment systems to create a common worldwide-payment platform. The platform will enable the bank to offer Web-based, real-time automated processing services across its international network. In 2001, ANZ Bank began using the Global PAYplus solution in Melbourne, Australia, the bank's largest office
"Fundtech's solution has been central to the increased efficiencies we've realized over the past year," said Terry Glover, Executive Manager of Payments, ANZ Bank. "In a recent audit of our payments systems conducted by SWIFT they found we had one of the highest STP rates in the region, which is a great improvement for us."
Mr. Glover added, "As one of the key banks in the world, we hope to change the way the financial industry views the transfer of funds. We see the world of payment processing as still a viable business for banks. By establishing a business unit focused solely on payments processing we seek ways to develop new and improved services that benefit our customers and add to our revenue stream."
A leading global bank with substantial payment processing volumes, ANZ Bank has realized great benefits from its first year with Global PAYplus in Australia. The benefits include solid improvements in Straight Through Processing (STP) rates, improved operating cost efficiencies, greater management of risk and increased opportunities in revenue streams.
"We value our partnership with ANZ and are progressing in our mutual goal to create a global payments platform for the bank," said Reuven Ben Menachem, Chairman and Chief Executive Officer, Fundtech. "We look forward to working with the bank on their roll-out of the system into other international locations."