As a leading SWIFT service bureau provider for SWIFT's Member Administered Closed User Group (MA-CUG) model, Fundtech will directly benefit from the expansion of corporate access to the SWIFT network.

The decision to create a new category of corporate access that facilitates connection to multiple banks will simplify corporate setup and use of the SWIFT network. Corporations participating in the new category will benefit from more efficient communications with their banks, improving their ability to manage working capital and initiate transactions.

Michael Sgroe, Fundtech President and COO said: "We support SWIFT's decision to create a new category of corporate access to their network. We believe that simplified access to multiple banking relationships will enhance the value that corporations can derive from SWIFT, and will result in greater corporate participation."

Luc Meurant, Head of Corporate Access Programme from SWIFT said: "We look forward to working with Fundtech as we roll out the new model for Corporate Access. Service providers such as Fundtech will play an important role to enable the corporate community to benefit from this new, simplified access to the SWIFT network."