Jersey City, NJ, August 30, 2005 â Fundtech Ltd. (NASDAQ: FNDT), a leading provider of end-to-end corporate banking software and services, today announced the introduction of TransactCentral, a J2EE component-based development platform for corporate electronic banking. The system will be marketed primarily in Europe and Asia, and is targeted to banks who desire a high degree of customization. Fundtech adds TransactCentral to its existing line of electronic banking systems that are currently deployed in over 200 US banks.
As a development platform, TransactCentral is easily customized and enables banks to quickly add components, resulting in new and unique services. Its rules-based architecture makes it possible for banks to offer highly customized services to its corporate clients. The platform also has other important features such as a payments gateway, advanced billing module, and the ability to create customisable workflows. TransactCentral offers private labelling, multi-lingual, multi-currency, and multi-bank/multi-office capabilities.
TransactCentral was developed by CashTech, a leading India-based financial technology organization acquired by Fundtech in the fourth quarter of 2004. Until now the platform was only available in Asian markets, where it is operational in seven major financial institutions, including Shinsei Bank in Japan and Bank Rakyat Indonesia. Fundtech is now introducing the product to other world markets, in particular Europe.
TransactCentral is built in Java (J2EE), has a Service Oriented Architecture (SOA) and is Web Services ready, allowing for easy integration into both the bankâs back office systems as well as enterprise resource planning (ERP) systems of corporate clients. Direct benefits include quicker time-to-market, and higher Straight Through Processing (STP) rates, resulting in more seamless services.
Fundtech is a leading provider of corporate electronic banking systems in the United States. Fundtechâs CASHplusÂ®, is an innovative system that enables banks to tailor services, fees and branding to the unique needs of various market segments. It offers extensive self-service customer administration features and highly advanced reporting and audit modules. This system is designed for medium to large size banks in the US market.
Fundtech serves the US community bank market with its webBANKERâ¢ corporate banking system. This system is designed to offer small banks all of the core features needed to effectively compete for commercial accounts, while being affordable.
Reuven Ben Menachem, Fundtech CEO, said: "With the addition of TransactCentral, Fundtech is now able to expand its coverage in corporate electronic banking to include global markets and large banks that require extensive customization. CASHplus and webBANKER continue to be strategic products for us, and we will continue to invest in their futures."
Raj Subramaniam, director of CashTech, said: "TransactCentral has been a major achievement in Asia and we look forward to continuing this success in other parts of the world. Our strong customer base is a testimony of our proven technology, and we are keen to embark on this new challenge with a healthy pipeline of new customers looking for a comprehensive corporate electronic banking solution."
TransactCentral won The Banker Technology Award in 2003 for Best International Cash Management System. This year the company was highly commended for the same award and was named Best Cash Management Software Company in Euromoneyâs Financial Technology Usersâ Survey.