JERSEY CITY, N.J., February 15, 2006 â Fundtech Ltd. (NASDAQ: FNDT), a leading provider of end-to-end corporate banking and securities processing software and services, today announced the successful deployment of EPN STP 820 with Union Bank of California (UBOC). Fundtechâs webBANKER is the first cash management software to have this capability, allowing banks to offer companies an easy way to create electronic payments that include invoice and remittance data. UBOC is offering this feature to its entire business customer base, and has already deployed it with Mark Company and Makita Corporation of America.
By integrating EPN STP 820 with webBANKER, corporate users are able to transmit payment information along with invoice number, purchase order, discounts, and adjustments. This enables the electronic payment to flow seamlessly between the buyerâs cash management system to the sellerâs accounts receivable system, all without human intervention. This can significantly reduce processing cost and speed reconciliation for both buyer and seller. Both partiesâ banks act as intermediaries in these transactions.
The capabilities of EPN STP 820 were once only available to large corporations willing to implement sizable and usually expensive electronic data interchange (EDI) systems. EPN STP 820 now offers these powerful capabilities at an affordable price for small and medium sized enterprises (SMEs). As more large suppliers are requesting electronic payments and are even offering discounts for payments that include remittance data, demand for this service has been growing among SMEs.
âVendors and Utilities have been among the earliest adopters of electronic payments, successfully converting their consumer and large corporate customers from paper to electronic,â said Jesse Sandoval, Vice President, Union Bank of California. âHowever, SMEs have been unable to take advantage of the electronification of payments and remittance information due to cost and the complexity of EDI. The advent of EPN STP 820 and its integration into ACH services make EDI affordable and easy. The billers who offer electronic payment options can receive this payment and invoice information seamlessly. UBOC is extremely pleased to be the first bank to offer this service to our customers.â
âAs the leading enabler of the financial supply chain, Fundtech is proud to be the first cash management provider to deploy the EPN STP 820 specification,â said Brian Jou, Senior Vice President of US Products for Fundtech. âUBOC is further able to differentiate their ACH payment services, providing SME clients with the most streamlined and cost effective features in the marketplace.â
âThis solution provides a very easy way to not only initiate an electronic payment, but to define multiple invoices being paid with a single payment," said Peggy Walker at Makita Corporation of America.
âWe look forward to making our payments electronically with UBOCâs new service, satisfying our vendorsâ requests to be paid electronically and enhancing the control of our payables process,â said Mindy Curtis at Mark Company.