JERSEY CITY, N.J.- Sept. 24, 2002. Fundtech Ltd. (NASDAQ: FNDT) the largest provider of CLS(TM) solutions to the banking industry announced today that SEB (Skandinaviska Enskilda Banken), headquartered in Stockholm, Sweden, has selected its PAYplus for CLS(TM) solution.
SEB becomes the 18th CLS Settlement Member bank to select Fundtech's PAYplus for CLS software. Fundtech's CLS solution will allow SEB, to manage its CLS operation and obligations to the CLS Bank, as well as to offer third-party services via the PAYplus for CLS solution.
As a settlement member SEB has a multi-currency account with CLS Bank and can submit settlement instructions directly to CLS Bank and receive information on the status of their instructions. SEB will use the PAYplus for CLS solution to interface to the new Continuous Linked Settlement (CLS) Bank for settlement of foreign exchange (FX) trades. CLS Bank, which went live earlier this month with the world's leading foreign exchange trading banks, is set-up to eliminate settlement risks that are associated with foreign exchange trades.
PAYplus for CLS provides an integrated solution for CLS Settlement Members to process their own transactions as well as to offer FX settlement services to User Members and Third Parties. PAYplus for CLS supports straight-through processing by interfacing to internal bank systems and automating the entire transaction workflow - from trade matching, to funding, to payment scheduling - while providing powerful tools for risk management and forecasting.