Jersey City, N.J., April 28, 2003 - Fundtech Ltd. (NASDAQ: FNDT) announced today that five banks have selected CASHplus, its next generation corporate cash management solution. The banks, four of which have signed contracts within the past six months, expect to improve their operating efficiencies by offering their corporate customers a wide variety of convenient self-service features; and will be leveraging CASHplus' uCustomizeTM technology that provides customized service versions tailored to the needs of each of the market segments they serve.
The recently signed banks include National Commerce Finance Corporation (NCFC), headquartered in Raleigh, North Carolina; Colorado Business Bank, headquartered in Denver, Colorado; Woodforest National Bank, headquartered in Houston, Texas; and Hudson Valley Bank, headquartered in Yonkers, New York.
In addition, a super-regional bank headquartered in Detroit, Michigan has decided to upgrade its current Fundtech cash management system to CASHplus and The Co-operative Bank of Manchester U.K., a previously announced CASHplus customer, has been in production with its new cash management system since September 2002.
With CASHplus' extensive set of modules such as electronic information reporting, book transfers, check management, bank reports, funds transfers, ACH origination, letter of credit and loan information, each of the newly signed banks plan to offer a wide variety of cash management services to their corporate customers.