JERSEY CITY, N.J.--Feb. 26, 2003--Fundtech Ltd. (NASDAQ: FNDT), the world's leading provider of CLS solutions, announced today it has been chosen to be a co-sponsor of "The CLS 3rd Party Seminar: How to go live with CLS", a one-day conference presented by CLS Bank International. For financial institutions considering becoming a CLS 3rd Party Member, the seminar offers a unique opportunity to hear from and interact with the industry's most knowledgeable and experienced thought leaders.
Fundtech's Moti Porath, Executive Vice President, will present advice and insights on the essential technology decisions prospective CLS(TM) third parties will have to make. Mr. Porath's presentation will include discussion on how to select a CLS provider, choosing the right technology platform, and enhancing Straight Through Processing (STP).
With 18 settlement bank customers, accounting for more than half of the daily settlement transactions, Fundtech continues to lead the market in providing CLS solutions to settlement member banks. Among some of the clients already leveraging Fundtech's CLS solutions are Citibank, Bank of America, Bank of New York, Rabo Bank, Credit Lyonnaise and Deutsche Bank.
"Having developed and launched a CLS solution for third parties, Fundtech believes that the CLS global settlement system brings many benefits to third parties," said Moti Porath, Executive Vice President. "We look forward to sharing our extensive experience and knowledge, educating attendees on the benefits the system brings to third parties including reduced costs and risks, as well as the ability to achieve higher STP rates." Mr. Porath's session titled "The Winning Technology Strategy" which will focus on technology
requirements for third parties.
In addition to PAYplus for CLS(TM), which was introduced by Fundtech in 1999, the company recently announced a new product - PAYplus for CLS Third Party Edition(TM). This second product is designed to give financial institutions participating in CLS settlement the ability to manage their own CLS activities, which may involve their branches, subsidiaries or corporate customers, while
connecting with their Settlement Member. Other presenters scheduled for he "How to go live with CLS" seminar include:
- Federal Reserve Bank of New York
- CLS Bank International
- Capco North America
- Tower Group
- Third Party Institutions: Brown Brothers Harriman, Wachovia, Bank of Nova Scotia, Mitsubishi Trust and Banking Corporation