Fundtech expands Swift ServiceBureau to North America

Source: Fundtech

Fundtech (NASDAQ: FNDT), a market leader in global transaction banking solutions, announced that it is expanding its SWIFT ServiceBureau into North America, making its full line of financial messaging and value-added services available to US financial institutions and corporations.

This expansion builds upon Fundtech's leadership as the world's largest SWIFT service bureau through its European operations centered in Zurich and London, where the company supports over 250 clients.

SWIFT services complements Fundtech's existing North American ServiceBureau products including wire transfers, ACH (Automated Clearing House) transactions, and cash management, to become the industry's most comprehensive Transaction Banking service bureau.

Michael Sgroe, President and COO of Fundtech, commented, "With the flourishing growth of global commerce amongst businesses of all sizes, and the introduction of IAT (International ACH Transactions), the need for SWIFT connectivity continues to increase. Outsourcing to a service bureau eliminates the need to maintain and update an in-house connection, and offers banks many additional benefits including lower operating costs."

Fundtech's SWIFT ServiceBureau integrates seamlessly with back-office banking and corporate treasury management applications. It offers all SWIFT messaging functionality to manage file transfers, FIN messaging, MX messaging, and RMA. It provides access to SWIFT's FileAct service to efficiently exchange IAT files, and other types of files with SWIFT counterparties. In addition, Fundtech provides: high performance applications to check incoming and outgoing transactions in real-time against embargo lists; a wide range of reconciliation services; message transformation services; and data backup services.

This initiative opens the door for further collaboration between SWIFT and Fundtech by providing North American financial institutions and corporations easy access to the SWIFT global financial community, along with the full array of SWIFT utilities and standards.

Commenting on the introduction, Michael Sgroe said: "We are expanding our SWIFT ServiceBureau into the North American market in order to globalize one of Fundtech's core lines of business and bolster our worldwide leadership position in SWIFT messaging. This contributes to our corporate strategy of growing our services business by offering additional capabilities through our service bureaus around the world."

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