Jersey City, N.J., April 30, 2003 - Fundtech Ltd. (NASDAQ: FNDT) announced
today two additional orders for its flagship payments product, Global
PAYplus totaling approximately $10.0 million. The orders were received from
Bank Austria Creditanstalt and from a large existing customer, and revenues
from these orders will be recognized over the implementation periods of the
two projects. Bank Austria Creditanstalt, the largest bank in Austria with
approximately $165 billion in assets, has selected Global PAYplus to be its
new payments platform. Bank Austria Creditanstalt's two-year phased roll-out
of GPP will cover up to 16 countries throughout the Central and Eastern
European Region, beginning with the Czech Republic and Hungary in 2003.
"Global PAYplus offers global banks the ability to reduce their operating
expense while expanding the payment services offered to customers. This
unique combination of features is what banks need today to remain
competitive. Our success with the world's most forward-thinking financial
institutions validates the superiority of Global PAYplus," said Reuven Ben
Menachem, Chairman and CEO of Fundtech.
"We are confident that Fundtech's Global PAYplus will offer Bank Austria the
most effective way to reduce operating costs, mitigate risk and enhance
customer service across our European operations," said Christian Bruckner,
Central and Eastern European Chief Operating Officer, Bank Austria
Creditanstalt. "Through our partnership with Fundtech, we will leverage one
integrated payment system that can scale to meet our business needs, and
allow us to create customized services for our customers across 16 countries."