New Generation Payment System Reduces Costs by as Much as 50% While Improving Customer Service
Fundtech Ltd. (NASDAQ:FNDT), the leading provider of global electronic payments, settlement and cash management solutions, announced today that it has signed 44 new PAYplus USA(TM) clients over the last 12 months, further strengthening its position as the country's leading payments solution provider.
Financial institutions are selecting Fundtech's new generation payment solutions because it offers the most effective way to reduce operating costs, mitigate risk and enhance customer service.
"Fundtech's PAYplus USA solution allowed us to reduce full time equivalent (FTE) hours by 50%. It also helped us automate our accounting entries and eliminate 70% of the steps that were once needed to complete a wire. Our users found the system easy to learn, and management is happy with the new-found control they have over payments operations," said Danyel Siler, Accounting Officer at First National Bank, IN.
"We are delighted to see strong market acceptance of PAYplus USA. These results validate the product's ability to deliver significant operational cost savings and improved customer service," said Michael Sgroe, Fundtech's Chief operating Officer.
PAYplus USA's Automated Payment Lifecycle Management(TM) feature automates many aspects of the payment process and can have a dramatic effect on the bank's bottom line. In addition to lowering a bank's operating costs, automation also enables banks to better serve their corporate customers through faster payment initiation and confirmation.
"We needed a more efficient solution in order to streamline the payment process. PAYplus has allowed us to process a much larger percentage of our payments without human intervention. The user interfaces follows our workflow process and has made the solution efficient and easy to use, increasing overall productivity through time and cost savings," said Tony Gautney, SVP & Director of Cash Management for BankAtlantic.
A partial list of the banks Fundtech has signed over the past year for PAYplus USA include: Amalgamated Bank of Chicago, IL; Arvest, AK; BankAtlantic, FL; Central Carolina Bank, NC; Citizens Business Bank, CA; First Indiana Bank, IN; First National Bank, IN; National Commerce Finance, NC; Regions, AL; Synovus Financial Corp, GA.