Fundtech Ltd. (NASDAQ: FNDT), a leading provider of end-to-end corporate banking and securities processing software and services, today announced its entry into the securities transaction processing marketplace with the introduction of TRADEplus.
The product offers a new standard in progressing towards full automation of Delivery versus Payments (DVP). TRADEplus addresses the industry's most vexing challenges of reducing cost and risk, while guaranteeing timely settlement completion.
Fundtech is leveraging its success in developing sophisticated payments clearing and FX Payments versus Payments (PvP) Settlement processing systems for banks. Fundtech is applying its expertise to similar challenges facing the securities industry to enhance its DVP capabilities. These systems deliver high Straight Through Processing (STP) rates and tailored services to clients. With clients such as Citi, HSBC and Deutsche Bank, Fundtech systems have been installed in some of the most complex financial processing operations.
TRADEplus is an SOA compliant, J2EE-based software solution that enables broker dealers and custodian banks to integrate internal systems (OMS, PMS, Accounting, Reconciliation systems) and automate their DVP capabilities.
Fundtech plans to market TRADEplus to broker/dealer and custodian banks, targeting organizations that require robust in-house middle/back office infrastructure to improve straight through processing.
Fundtech has teamed with Radius Partners in the development of TRADEplus. Located in Pembroke, MA, Radius Partners has significant domain expertise and product development experience in securities processing.
Reuven Ben Menachem, Fundtech CEO said: "The move into the securities marketplace with the introduction of TRADEplus is part of our long-term growth strategy. With the help of partners, we are leveraging our significant expertise in automating complex financial transaction processing. Our goal is to provide systems that enable our clients to lower their cost and enhances their customer service."
Christopher Walsh, CEO of Radius Partners said: "Combining Fundtech's expertise in banking transaction processing with Radius' deep domain knowledge of the securities industry has produced an innovative system that offers a new standard for automation."