Fundtech surpasses 50 ASP clients in US
07 June 2006 | 2047 views | 0
Fundtech Ltd. (NASDAQ: FNDT), a leading provider of end-to-end corporate banking and securities processing software and services, today announced that it has surpassed 50 clients operating in its ASP (Application Service Provider) service centers in the United States.
Fundtech delivers a wide variety of services through its ASP offering including: corporate payments, cash management, reconciliation, disaster recovery, and post-trade securities processing. Fundtech operates two facilities in the United States, one in Norcross, GA and the other in San Leandro, CA. Fundtech's US facilities are SAS 70 certified and currently support over 26,000 end users.
In the aftermath of Hurricane Katrina in September 2005, Fundtech's ASP-based disaster recovery operations supported local banks such as BankAtlantic of Florida and Trustmark of Mississippi. Both were significantly affected by the hurricane's devastation. By leveraging Fundtech's contingency and recovery features, both banks were quickly operational, providing stable, secure services for displaced customers.
Phil Axton, Vice President and Electronic Banking Manager at Trustmark Bank, said: "Fundtech's disaster recovery service was an enormous help to us, and enabled us to provide virtually uninterrupted service to our corporate clients."
Michael Sgroe, Fundtech's President and COO, said: "Fundtech's ASP business is experiencing solid growth. The market is responding well to our broad array of innovative services. As the financial industry begins to realize the benefits of outsourcing, our ASP business is becoming an increasingly important part of our business model."
In addition to the US facilities, Fundtech operates the world's largest SWIFT ASP in Switzerland, which provides SWIFT messaging services to over 100 financial institutions throughout Europe, Scandinavia and the United Kingdom.