Fundtech operates itâs SWIFT business in Europe through its subsidiary, Biveroni Batschelet Partners AG (bbp), located in Baden Switzerland. In addition to operating the worldâs largest service bureau for SWIFTNet, the company has installed its SWIFT connectivity software in 100 banks, and is the SWIFTNet connection for Cable & Wirelessâ Real Time Nostro system.
"The migration to SWIFTNet has been an important step in the advancement of worldwide financial services. Financial institutions can now leverage the economies of the IP technology, making the most of the security and standards that SWIFT offers. We are encouraged by the growth in our business and the market for SWIFTNet services," said Reuven Ben Menachem, Fundtechâs CEO.
"The transition to SWIFTNet is an important evolutionary step for SWIFT that delivers a new level of efficiency and flexibility in automation. Financial institutions and their service providers now have the opportunity to take advantage of many new services supporting a variety of new business areas. Service Bureaus play an important role in this evolution since they are enabling our end users and extending the reach of SWIFTNet," said Thomas Ramadan, Regional Director SWIFT Switzerland.