Fundtech Ltd. (NASDAQ: FNDT), a leading provider of end-to-end corporate banking software and services, today announced that four of their payments customers will be adding the PAYplus USA interface to The Bank of New York's Persutte – Global F.A.S.T. DirectPay service (Persutte).
This service significantly simplifies global payment processing for US financial institutions, and enables them to expand the range of funds transfer services they offer their clients.
The Fundtech clients using PAYplus USA funds transfer systems: EverBank Financial, Astoria Federal, Mid State Bank and Trust and Sterling Savings Bank will be linked to The Bank of New York's Persutte system for international payment processing. Features include international payment templates, automated foreign exchange rate feeds, and a foreign currency conversion calculator with mark-up capabilities. The banks will now be able to make payments quickly and efficiently in both U.S. dollars and foreign currency from a single application.
These four clients are the latest to add Fundtech's PAYplus interface to The Bank of New York's Persutte since the two companies announced their international payment processing alliance last year.
Eric Kamback, executive vice president and head of the global payment and trade services group at The Bank of New York (NYSE: BK), said, "This comprehensive solution allows our clients to significantly simplify their payment processing, as well as expand and enhance the range of international funds transfer services they offer their clients. Clients will be able to increase their operational efficiency and realize savings by reducing both the time it takes to process international payments and the number of related inquiries."
Michael Sgroe, president of Fundtech (NASDAQ: FNDT), said, "We are constantly looking for ways to enhance the competitiveness of our bank clients. Linking PAYplus USA to Bank of New York's Persutte system enables these mid-sized banks to offer international payment services that rival those of the leading global banks."
Separately, Fundtech today announced that First National, a subsidiary bank of FNB Corporation (Christiansburg, VA) has gone into live production with CASHplus, Fundtech's premiere cash management system.
First National is a community bank that sees an opportunity for growth by targeting under-served market segments in their operating area with customer-centric cash management services. They chose CASHplus because of its ability to easily develop uniquely tailored cash management services across their client segments.
"We plan to provide a different look, feel and offering of services tailored to each of our customer segments," said Laurie Knowles, Vice President of Cash Management Services at FNB Corporation. "We outgrew our previous cash management system, and were looking for a new system that would enable us to implement our growth strategy. CASHplus allows us to offer our clients a one-stop-shop service that is rich in functionality."
Michael Sgroe, President and COO of Fundtech said: "We are delighted that First National has gone live with their new cash management system. We continue to see how CASHplus is helping community banks compete more effectively with the larger banks in their market. We look forward to working closely with FNB team as they expand their business."