Fundtech Ltd. (NASDAQ: FNDT), a leading provider of end-to-end corporate banking software and services, today announced the introduction of the Global PAYplus Services Component Library. Based upon its industry leading Global PAYplus platform and the Service Oriented Architecture (SOA) standard, Global PAYplus Services Component Library provides financial institutions with a broad array of payment processing components previously only available in its Global PAYplus product.
With the release of the Global PAYplus Services Component Library, Fundtech is now making available a comprehensive portfolio of payments processing logic, packaged as discretely deployable SOA compliant services. With the individual components of the library designed to work in full harmony with one another, banks can opt to use some or all of these services in building solutions.
The Global PAYplus Services Component Library is targeted at financial institutions that build payments solutions internally. These institutions can now benefit from the rich set of Fundtech payment capabilities currently deployed at a number of the world's most innovative financial institutions.
Fundtech is working with IBM, and other leading SOA technology providers, to streamline the financial supply chain, including the development of interfaces for IBM's Enterprise Payments Platform.
Fundtech is demonstrating the Global PAYplus Services Component Library in both the IBM and the Fundtech stands at Sibos.
The launch of Global PAYplus Services Component Library is an integral part of Fundtech's plans to create a single framework of reusable services that encompass the entire financial supply chain.
Financial institutions will benefit from the efficiency and speed-to-market of SOA, and will be able to offer their customers more integrated services.
Fundtech's SOA development is part of a strategic initiative that began in 2005 with the formation of a new Global Architecture and R&D group. The team's charter is to implement a SOA framework that encompasses Fundtech's entire product portfolio including cash management, payments, settlements and financial messaging. A set of twelve payment-related services is already available with additional services being launched throughout 2007.
Commenting on the introduction, Michael Sgroe, president & COO of Fundtech said: "Global PAYplus Services Component Library is a vital step for Fundtech and our clients. This extension of our existing family of SOA compliant products will benefit our customers by enabling them to rapidly develop new solutions in an efficient manner, making them more competitive and improving STP. For Fundtech, it offers an opportunity to combine the functionality of our intellectual property to form new assets to enable and accelerate the financial supply chain."