Fundtech Ltd. (NASDAQ: FNDT), a leading provider of end-to-end wholesale banking software and systems, today announced that twelve additional banks selected its PAYplus USA payments system in Q4 of 2004. This brings the PAYplus USA customer base to a total of 130 institutions.
Many banks today are upgrading their payments systems due to the increasing need for automation, especially in the area of anti-terrorism compliance. On average, PAYplus USA clients are enjoying high levels of automation – in excess of 90% of payments being processed without manual intervention (commonly referred to as Straight Through Processing).
Another major market driver is the continued integration of the Internet and browser-based applications into banks operations. By using PAYplus USA's integrated browser feature, banks are able to reengineer their payments process and virtually eliminate the common bottlenecks that occur inside the bank's back office operations. The browser enables data input for a payment instruction to be distributed to branch offices and even corporate customers, making for smoother operations throughout the bank.
Among the new banks are: Broadway Bank, located in San Antonio, TX; Charter Bank, located in Bellevue, WA; First State Bank of New Mexico, located in Albuquerque, NM; Provident Bank, located in Jersey City, NJ; and First Bank of Puerto Rico, located in San Juan PR.
"The momentum of our payments business continues to be a bright spot in our growth strategy. We believe that PAYplus USA has delivered a high degree of innovation along with solid reliability. We look forward to leveraging our successes with PAYplus USA, with a focus on cross-selling these clients Fundtech's end-to-end payments product line." said Michael Sgroe, President and COO of Fundtech.