London, 20 October 2003 - Fundtech Ltd. (NASDAQ: FNDT) a leading provider of payments, settlement and cash management software and services, today announced the launch of a distribution partnership with BGC (previously Bankgirocentralen) to deliver outsourced SWIFTNet services to the Nordic financial services market.
The partnership combines two market leaders: Fundtech, who operates the world's largest SWIFT service bureau through its wholly owned subsidiary bbp located in Baden Switzerland; and BGC, who operates a hub for Swedish national payments, used by banks, credit card companies and businesses, that processed over 350 million transactions last year.
The partnership will offer financial institutions throughout the Nordic region a simple and quick transition to SWIFTNet, SWIFT's new TCP/IP-based financial messaging network. Since SWIFT has mandated that Nordic financial institutions upgrade to SWIFTNet as early as by the end of 2003, these financial institutions will benefit from the speed to completion of this outsourced approach.
"Fundtech offers a reliable SWIFTNet service solution that avoids a costly and time consuming installation. Our partnership with BGC provides the Nordic financial community with a local provider who understands the market and can service it with local presence. We look forward to working closely with BGC in this important partnership," said Reuven Ben-Menachem, chairman and CEO of Fundtech Corporation.
"Through our partnership with Fundtech, we offer Nordic banks and other financial institutions a cost-effective infrastructure for payments and financial messaging that will enable them to focus on their core business. This is completely in line with the financial industry's general development towards the outsourcing of non-strategic operations," says Ragnar Santesson, Managing Director of BGC. "Together with Fundtech, we can offer more powerful economies of scale than we could do on our own."