Fundtech Promotes Michael Sgroe to President and Chief Operating Officer; Joseph Mazzetti Becomes EVP Corporate Development

5 April 2004

Fundtech Ltd.(NASDAQ: FNDT), a leading provider of payments, cash management and settlement software and services, today announced that Michael Sgroe, the company's current Chief Operating Officer has been promoted to the position of President, Chief Operating Officer. In his expanded role, Mr. Sgroe will control all global operations.

"Mike has been responsible for an impressive turn-around in the company's operations since he took on the role of COO. I have added all sales responsibilities to his role so that he will be able to manage both top line and bottom line results. I look forward to increased company growth and further refinement in the operations," said Reuven BenMenachem, Chief Executive Officer of Fundtech.

"I appreciate the support that Reuven and the Board of Directors have given me, and I look forward to fulfilling the company's strategic vision of profitable growth," said Michael Sgroe, President and Chief Operating Officer of Fundtech.

Joseph Mazzetti, formerly Executive Vice President of Sales and Marketing will assume the role Executive Vice President, Corporate Development. In this role, Mr. Mazzetti will focus on expanding Fundtech's revenues through partnerships, strategic business development and M&A activity.

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