Fundtech (NASDAQ: FNDT), a market leader in global transaction banking solutions, announced that Colorado Capital Bank has selected CASHplus, Fundtech's award-winning cash management system.
The bank has been live with Fundtech's PAYplus(TM) USA wire transfer system since 2007, and will now have an end-to-end corporate banking system provisioned from Fundtech's ASP operations center in Atlanta, Georgia.
Colorado Capital Bank's decision to upgrade its corporate banking services comes at an opportune time for community banks, as their large-bank competitors deal with recent mergers and are preoccupied with the current credit crisis.
Patricia Hines, Research Director at TowerGroup commented: "Despite the challenging environment in the global banking industry, global transaction and cash management businesses continue to perform well, with double-digit revenue growth seen in 2008. TowerGroup believes that this growth trend will continue, given continued strength in cross-border trade and overall growth in payments volumes. This opportunity applies not only to the largest global players, but also to mid-tier and community banks as more middle market and small businesses look to take advantage of opportunities in global markets."
Gerry Deane, Treasury Operations Manager of Colorado Capital Bank said: "We are focused on aligning with vendors that offer best-in-class products and services. We are excited about our upcoming CASHplus implementation and feel that it will offer a better user experience for our customers while giving Colorado Capital Bank an edge in attracting new business."
Leslie Bertha, Executive Vice President and managing director of Fundtech North America said: "More banks than ever are considering the operational benefits and cost savings of outsourcing their end-to-end corporate banking platform to Fundtech. We welcome Colorado Capital Bank as a valued end-to-end client, and look forward to supporting their growth in their market."