Fundtech (NASDAQ: FNDT), a leading provider of global electronic payment, settlement and cash management solutions, today announced that it has enabled AgriBank to be the first bank to exchange funds transfers with the Federal Reserve Banks through their new FedLine Direct access solution.
Fundtech worked closely with AgriBank, a user of Fundtech's PAYplus USA payment system, to complete their conversion to the new interface, providing training and support services throughout the process. As one of the first vendors to pass the Federal Reserve Banks' extensive testing requirements, Fundtech was uniquely qualified to support AgriBank in its early adoption of this new technology.
FedLine Direct is a business-to-business interface designed for banks that require a highly-secure, unattended, computer-to-computer link to Federal Reserve Financial Services. This IBM MQ-based technology will be a mandatory replacement for the Federal Reserve Banks' System Network Architecture (SNA)-based computer interface by the end of 2008. More than 300 financial institutions currently use the SNA interface with many of these being Fundtech clients.
"Through careful planning and focus, Fundtech and Agribank were able to quickly complete the process of converting to FedLine Direct," stated William Barouski, Senior Vice President and FedLine Product Manager for the Federal Reserve Banks. "The skill and expertise of their technical teams were evident during their migrations and both organizations are now enjoying the efficiency, accessibility, and flexibility that FedLine Direct can provide."
William Montis, Director of Cash Management, AgriBank, stated "Working with Fundtech and the Federal Reserve, the migration to FedLine Direct was swift and thorough. Thanks to Fundtech's technology, step-by-step training, and system preparation, AgriBank is now armed with all the tools necessary to benefit from features such as increased interoperability, heightened security, and greater operational efficiency."
Michael Sgroe, President and COO, Fundtech, stated, "FedLine Direct delivers superior funds transfer functionality; Fundtech is proud to be at the forefront of this upgrade. With the Federal Reserve Banks' continuous counsel, we are working with our hundred plus banking clients that utilize FedLine Direct to ensure a smooth and timely conversion."