JERSEY CITY, N.J. - Sept. 25, 2002 - Fundtech Ltd. (NASDAQ: FNDT), a leading provider of global electronic payments, settlement and cash management solutions today announced that twelve of its PAYplus for CLS(TM) customers have gone "live" with the solution, enabling them to now meet the opportunities and challenges of the Continuous Link Settlement (CLS) System for foreign exchange (FX) settlement.
CLS Bank launched the CLS service on September 9, 2002. The first global banking settlement system of its kind, CLS enables each side of a foreign exchange trade to be settled simultaneously and irrevocably.
"We have committed significant resources to the success of CLS and believe the system will succeed in reducing global foreign exchange settlement risk for financial institutions worldwide," said Joe Mazzetti, Executive Vice President of Fundtech. "We are pleased to be the leading provider of CLS payment solutions with 18 Settlement Member banks having chosen our PAYplus for CLS solution."
PAYplus for CLS(TM) inter-operates with settlement members, user members, and third party participants to provide them with a full set of integrated CLS services. In addition to the CLS software provided to the CLS shareholder banks, CLS Bank itself uses Fundtech software for some of its central bank settlement activities.