Jersey City, NJ, August 25, 2005 â Fundtech Ltd. (NASDAQ: FNDT), a leading provider of end-to-end corporate banking systems and services, today announced the availability of its SWIFTNet ServiceBureau to corporates. The new service provides them with an inexpensive way to join SWIFT. Through Fundtechâs ServiceBureau, corporates now have access to a cost-effective connection to the SWIFT messaging network, and their banks can process transactions in an STP environment. This also translates into fewer interfaces to enterprise resource planning (ERP) systems and other in-house applications.
Operated by bbp, Fundtechâs Swiss subsidiary, the service is a complete interbank solution that enables corporations to send secure SWIFT messages to their banks. The service is centrally operated, eliminating the need for significant investment in hardware or software, and installation is quick and easy. Corporates like Swiss Re are already connected to Fundtechâs ServiceBureau.
"Until now, corporates found it difficult to connect to SWIFT. A direct connection can be very costly and many of them lack the technical expertise to deal directly with SWIFT. Also, due to the STP environment provided by our service, corporates can now realize considerable savings," states Per Trifunovic, CEO of bbp.
Reuven Ben Menachem, Fundtech CEO adds: "By adopting this approach, corporates are moving towards a standardized message format and security system within the banking industry. With our new service for MA-CUG, we are able to not only answer a corporate demand, but also help banks widen the scope of SWIFT services offered to their customers."