The deal will enable Eurobank to support the Greek RTGS network (Herme) and the transition to the euro that was recently announced by the Bank of Greece.

Lia Petralia, payment services manager of EFG Eurobank Ergasias, says the bank has grown rapidly through acquisitions and experienced a substantial increase in payments flows as a consequence.

"Fundtech's PAYplus RTGS will allow us not only to maintain our increased business, but also to attract new corporate customers while reducing excessive manual operations and laying the groundwork for a standard payments platform," she says.

PAYplus is an integrated multi-currency payment system which automates all aspects of the funds transfer and customer notification process.