Fundtech has been selected to deliver core cash management services to BankAtlantic's business customers under an application service provider (ASP) agreement.
The Florida-based bank and its business customers will access Fundtech's cash management services, including previous and current day balance reporting, funds transfers, book transfers, cheque management, information reporting and e-mail, via dial-up and the World Wide Web. BankAtlantic's cash management services for the Web and its CashLink cash management services for Windows will be configured on Fundtech's own server hosted at its Atlanta service centre to provide a single-vendor solution.
Reuven Ben-Menachem, chairman and CEO, Fundtech, comments: "Banks who use Fundtech as an ASP can enjoy top quality cash management services without the up front cost."
BankAtlantic has used Fundtech's FEDplu$ payment system for high-value electronic payments for two and a half years. The vendor has also been commissioned to deliver an automated interface between the bank's core cash management system and its next-generation PAYplus USA payments system to create an end-to-end e-payments solution. Currently BankAtlantic's business customers generate one-third of the bank's outbound funds transfers, without the benefit of an automated process.