JERSEY CITY, N.J., Feb. 7, 2011 (GLOBE NEWSWIRE) -- Fundtech Ltd. (Nasdaq:FNDT), a market leader in global transaction banking solutions, announced that Intesa Sanpaolo (ISP) Group Services, headquartered in Torino, Italy, has selected Global CASHplus® to provide global cash and liquidity management services to its corporate clients around the world.
The ISP Group has leadership in the Italian market with almost 6,000 branches and a strong international presence with 1,800 branches across 13 countries in Central – Eastern Europe and the Mediterranean Basin. With the implementation of Fundtech's solution, the ISP Group will have the capability to offer SWIFT-based, cross-border cash concentration and pooling services to its clients.
Cross border cash pooling using Global CASHplus will be implemented across ISP banks in Italy; its foreign branches; subsidiaries; and IBOS (International Banking - One Solution) banks – an international banking alliance focused on providing corporate customers with international cash management solutions.
Global liquidity management solutions help provide corporates with a consolidated view of their accounts across banks, allowing them to automate their cash flows domestically and cross-border after factoring in operational and regulatory constraints. Thus banks provide increased transparency in managing liquidity risk across the entire corporation, as well as reap operational and cost efficiencies.
Global CASHplus' comprehensive multi-country functionality will enable ISP to offer its corporate clients advanced cross-border transaction capability and working capital visibility, including flexible multi-currency and multi-country cash pooling (real and notional), on demand liquidity transfer, and priority-based instruction execution. Global CASHplus will also enable ISP to offer intercompany lending and investment creation support for corporate transfer pricing.
About Fundtech
Fundtech (Nasdaq:FNDT), was founded in 1993, and is a leading provider of software and services to banks of all sizes around the world. Payments systems include wire transfers, ACH origination, cross-border payments and remittance. Cash management systems are designed for large corporate through small business clients. Fundtech operates the world's largest SWIFT service bureau. We offer an extensive line of financial supply chain applications including electronic invoice presentment and supply chain financing. And we are the leading provider of CLS systems to the world's largest banks. More than 1,000 clients throughout the world rely on Fundtech solutions to improve operational efficiency and provide greater competitiveness through innovative business-to-business services. For more information, visit .
Forward Looking Statements:
This news release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, projections of revenues, income or loss, capital expenditures, plans for growth and future operations, competition and regulation. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted or quantified. When used in this Release, the words, "estimates," "expects," "anticipates," "believes," "plans," "intends," and variations of such words and similar expressions are intended to identify forward-looking statements that involve risks and uncertainties. Future events and actual results could differ materially from those set forth in, contemplated by or underlying the forward-looking statements. The factors that could cause actual results to differ materially from those discussed or identified from time to time in Fundtech's public filings, including its Annual Report on Form 20-F for the year ended December 31, 2009, including general economic and market conditions, changes in regulations and taxes and changes in competition in pricing environment. Undue reliance should not be placed on these forward-looking statements, which are applicable only as of the date hereof. Fundtech undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this Release or to reflect the occurrence of unanticipated events.
CONTACT: Press Contacts: (UK) Chanda Gathani - Metia Ltd. +44 (0) 20 3100 3605 chanda.gathani@metia.com (USA) Binna Kim, Cognito +1 646 395 6304 Binna.Kim@cognitomedia.com Corporate Contacts: George Ravich - Fundtech Ltd. +1-201-215-6530 george.ravich@fundtech.com
