JERSEY CITY, N.J.--Sept. 12, 2002--Fundtech Ltd. (NASDAQ: FNDT), a leading provider of global electronic payments, settlement and cash management solutions, today announced that 24 banks are now fully functional with PAYplus USA(TM), Fundtech's new generation payment solution. Eleven of those banks have gone "live" so far this year.
Working closely with Fundtech on getting the full advantage from this new generation solution, these banks form a unique group of institutions benefiting from faster payment processing and operational efficiencies. Fundtech's highly configurable solution is employed by banks to better serve their customer base.
Among the banks taking advantage of PAYplus USA's intuitive workflow design, scaleable architecture and intelligent filters, are Guaranty Bank, TIB-The Independent BankersBank and Union Bank of Florida.
"The flexibility of Fundtech's payment solution enables us to increase automation and provide better customer service," said Larry Wine, Chief Operating Officer of Union Bank. "The solution allows us to configure the system to match how we as a bank are set up and complements our existing processes."
"This is a development milestone for Fundtech as it marks the completion of the development process of one of our major products," stated Michael Sgroe, President of US Product and Operations, Fundtech. "The completion of this product supports our objective of transitioning from a development focus to a marketing, sales and services driven company."
PAYplus USA features an intuitive user interface that allows a bank to customize the workflow design to meet its own needs. The solution provides the flexibility to accommodate a wide variety of existing business practices.
"We use PAYplus USA interfaces to connect with many of our bank systems to increase accuracy and minimize manual processing," said Tony Krug, Senior Systems Analyst, Guaranty Bank. "Utilizing PAYplus USA our current automated throughput is approximately 95% of our total incoming and 88% of our total outgoing and we expect to improve these efficiencies even further."
PAYplus USA is part of Fundtech's extensive product line of leading payment solutions. This solution can accommodate both small U.S. banks that process low payment volumes and large U.S. banks that process high payment volumes daily.