Payments solutions provider Fundtech reports it has signed seven financial institutions to use its Fundtech Connect application service provider (ASP) since launching the service in November 2000.
Fundtech Connect allows financial institutions to use Fundtech cash management, payments and reconciliation solutions under an outsourcing arrangement. The company provides both hosting and customer support services at its own Fundtech Connect service centres as well as offering desktop support services for financial institutions' cash management customers.
The seven signed financial institutions range in asset size from $1.7 billion to $7.4 billion says the vendor.
Reuven Ben-Menachem, chairman and chief executive officer, Fundtech, says: "Fundtech Connect has opened the door for financial institutions to adopt Fundtech solutions without incurring up-front installation costs and ongoing operational costs. Our strategy to broaden our market reach by offering ASP solutions as well as in-house solutions is clearly being well received in the market."