Fundtech Introduces First SWIFTReady Global Payment Service Bureau

11 September 2008

Fundtech Ltd. (NASDAQ: FNDT), a market leader in global transaction banking solutions, announced the introduction of PAYplus ServiceBureau, the first SWIFTReady global payments platform combined with SWIFT services, available as an outsourced service. The new Software as a Service (SaaS) offering packages Fundtech’s successful PAYplus FTS with its SWIFT ServiceBureau, to provide banks with a complete outsourced global payments solution that is priced on a per-transaction basis.

PAYplus ServiceBureau offers banks the ability to upgrade their payments platform without the large up-front investment of a new system; and relieves them of the ongoing support costs of maintaining and extending it. After a small integration fee, banks will pay a monthly fee combined with a per-transaction charge, which makes the service affordable for institutions of any size. This SaaS pricing model provides greater choice, flexibility and security to the marketplace.

Commenting on the introduction, Dieter Prang, managing director of Fundtech EMEA-Frankfurt said: “PAYplus ServiceBureau combines a payments platform that is rich in functionality with the operational integrity of the BBP SWIFT ServiceBureau in Switzerland. Together they provide the marketplace with a low-cost and easy-to-implement alternative to in-house payments processing. PAYplus ServiceBureau will enable banks of all sizes to be competitive with global payments.”

The PAYplus ServiceBureau supports payment processing for all the major European payment networks, including SWIFT, EBA, TARGET2, SEPA and many domestic clearing and settlement systems in Europe and Asia-Pacific. PAYplus ServiceBureau offers banks an easy and low-cost option for adding SEPA payments, including Direct Debits and the conversion into ledger format.

In addition to the full range of SWIFT messaging, including FIN, FileAct, Interact and Browse, the service also provides transaction filtering for PEP (Politically Exposed Persons), OFAC and other watch lists, as well as message archiving and reconciliation.

The payments system utilizes PAYplus FTS, Fundtech’s successful payments platform that is currently used by about 50 banks throughout the world, and supports a multi-entity / multi-branch configuration. The system will be deployed in the service bureau operated by BBP, Fundtech’s subsidiary located in Switzerland, which is the largest SWIFT service bureau in Europe.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development