Fundtech, a market leader in global transaction banking solutions, today announced that US-based Walter Energy, Inc. has become the company's 75th SWIFT for Corporates client. Fundtech's corporate client list has grown 50 percent over the past year.
Walter Energy is a leading metallurgical coal producer for the global steel industry with operations in the United States, Canada and United Kingdom. As part of its international expansion, Walter Energy added several multi-country banking relationships, and as a result, requires a seamless and simplified method of connecting to these banks in order to transfer funds and obtain balance information.
Walter Energy's SWIFT connection through Fundtech's Service Bureau provides these benefits, helping to reduce operating costs and improve cash flow forecasting. By using SWIFT messaging standards Walter Energy will have a consolidated bank communications channel that integrates with its ERP and treasury management systems.
Fundtech and its subsidiary BBP operate the world's largest global SWIFT service bureau with over 600 financial institutions connected through three services centers located in the United States, United Kingdom, and Switzerland. Value-added services include: transaction filtering for sanctioned parties, data transformation, reconciliation, and archiving.
"We are delighted to welcome Walter Energy as our newest corporate client. Our rapid growth is market validation of our commitment to reliable quality service and innovation. Our global presence and experience provides a strong foundation for future growth," said Mary Ellen Putnam, Fundtech's Executive Vice President of Banking Products - Americas.