Fundtech Ltd. (NASDAQ: FNDT), a market leader in global corporate banking solutions, today announced further details about the acquisition of TROY Group Inc.'s ACH Software Product Line.
The acquisition adds an important component to Fundtech's existing line of cash management and corporate payments systems, and enables the company to offer a complete front-to-back corporate banking solution.
The Automated Clearing House (ACH) software line enables financial institutions to lower operating costs and deliver fast and efficient services to their corporate clients. The highly automated systems deliver real-time ACH transaction processing as well as automated exception handling. For small to mid-size banks that currently outsource ACH processing, Fundtech's products offer greater control and flexibility.
With the new ACH product line, Fundtech is able to offer a single-vendor solution for corporate banking. Clients can expect seamless integration, smoother operations and better support than a multi-vendor solution. The products are currently server based, and Fundtech plans to offer an ASP option later in the year.
ACH transactions are a fast growing area of banking due to regulations such as Check 21 and BOC. According to the National ACH Association (NACHA), ACH transaction volumes grew by over 12 percent in the fourth quarter of 2007, moving over $7 trillion.
Commenting on the acquisition, Reuven BenMenachem, CEO of Fundtech said: "ACH transaction processing adds an important component to our suite of corporate banking products, and enables us to offer the most complete corporate banking suite of products on the market today. This supports our long-term goal of being the premier provider of financial technology to the market."