Fundtech Ltd. (NASDAQ: FNDT), a leading provider of global electronic payment, settlement and cash management solutions announced today that 10 major Israeli banks have moved into production with Fundtechâs Global PAYplus Liquidity Manager for real-time liquidity management.
Fundtech has implemented its Global PAYplus Liquidity Manager product in these commercial banks as part of the new RTGS (Real Time Gross Settlement) regulation in Israel, introduced by the Central Bank of Israel on July 2007.
Fundtechâs solution enables banks to manage intraday liquidity in real time â thus improving their ability to repay the exchange at day end. Additional benefits include the capability to control and centralize all liquidity management needs into one system. This ensures more efficient control and management of multi-currency, multi-bank liquidity assets across bank accounts, clearing systems, and central bank channels. It improves liquidity control whilst lowering exposure to risk and errors.
âWe selected Fundtech and successfully implemented Fundtechâs Global PAYplus Liquidity Manager solution due to their leadership and market expertise in payments and liquidity management. The system allows us to automate the collection of transaction information; track liquidity positions from multiple systems and entities; and actively manage the flow of funds,â stated Daniel Dotan, Delivery Channels Applications Manager, iteam, a subsidiary of Mizrahi-Tefahot Bank. âThe other critical factor in our decision was the ease of integration with our existing solutions, and that as banking regulations change in Israel, the product is enhanced and supported accordingly.â
Michael Sgroe, President and COO, Fundtech, states, âFundtech has made progressive growth in the Israeli market in recent years as demonstrated by the addition of these 10 new banks. We will continue to serve the region by supplying comprehensive solutions and support to meet their growing demands.â