Fundtech, a market leader in global transaction banking solutions, today announces that Republic Bank, a full-service commercial bank based in Philadelphia, will utilize Fundtech's solutions to meet corporate demand for integrated cash management, payment execution and compliance filtering with straight-through processing and end-to-end transparency.
Republic Bank will use a combination of Fundtech solutions to provide transaction banking services to its corporate customers through a single vendor. Using a combination of Fundtech's cash management (CASHplus), wire payments (PAYplus Connect) and compliance filtering (Global Compliance Plus) solutions, the bank will enable the initiation and verification of wire transfers, report to the Federal Reserve, record the transaction and provide confirmation to the client in real-time. Fundtech will host these solutions in its industry leading data center, providing Republic Bank with cost-effective service and enhanced data security, while eliminating the need for the bank to add internal technical staff.
"In order to deliver a new level of productivity to our corporate customers, Republic Bank will be able to provide sophisticated payments and cash management capabilities," says Rhonda Costello, Executive Vice President and Chief Retail Officer, Republic Bank. "This solution brings added value and streamlined back office operations to our customers while increasing our market penetration."
"Fundtech is excited to add Republic Bank to the roster of customers tailoring Fundtech solutions to serve a specific purpose," says Kyle McGaffey, Head of Sales, Americas, at Fundtech. "The addition of sophisticated payments functionality provides a solid platform for a bank to expand its corporate customer base. By combining three of Fundtech's flagship solutions, Republic Bank will realize smoother interconnectivity and compatibility than would other banks that are working with multiple vendors."