Fundtech Ltd. (Nasdaq:FNDT), a market leader in global transaction banking solutions, announced that it has signed three bank clients for its recently announced North American Swift ServiceBureau. Those banks are: Investors Savings Bank, Cathay Bank, and Manufacturers Banks. Investors Savings' system is currently live.
In April of this year Fundtech expanded 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 hundreds of clients.
According to Adrian Danescu, Executive Vice President and Chief Information Officer of Manufacturers Bank: "Based on our 15 years of experience with Fundtech we are happy to expand our partnership to include Swift ServiceBureau services. With this we can continue to focus on providing innovative cash management solutions to our clients and maintaining a leadership position in our market."
A confluence of market forces is driving demand for the Swift service bureau. In part, a bank's interest is driven by a desire to reduce cost of operation by outsourcing; yet on the other hand, many small to mid-size banks are seeing an increase in demand for foreign transactions among their small business customers due to the increase globalization of business.