Fundtech and Citi Global Transaction Services in Alliance to offer International Payments Processing
Streamlined FX solution to increase clients' revenues and reduce operational costs
Jersey City, NJ, October 1, 2007 – Fundtech Ltd. (NASDAQ: FNDT), a leading provider of global electronic payment, settlement and cash management solutions, today announced that it will offer its clients a new way to make international funds transfers, through Citi's International Payments Processing system. The collaboration will benefit Fundtech's clients by further enhancing their payments processing capabilities. Citi's extensive on-the-ground presence in over 100 countries also makes this a powerful solution for cross-border fund transfers.
Fundtech's new PAYplus Citi International Payments module enables U.S. financial institutions to make cross-border payments in multiple currencies, using their PAYplus USA payment system.
“Fundtech and Citi's powerful new International Payments processing solution will enable banks of all sizes to offer their clients global payment capabilities previously only available from the largest financial institutions,” said Jordan W. Graham, Managing Director of North American Business Development for Citi's Global Transaction Services Division. “Our joint offering reduces the need for banks to operate multiple payment systems and correspondent banking relationships, by leveraging Citi's global network to quickly and cost effectively transfer funds internationally. Instead of maintaining accounts in multiple currencies at a number of correspondent banks, Fundtech's clients can work seamlessly through Citi, a trusted global financial institution.” Citi's Global Transaction Services business offers integrated cash management, trade, securities and fund services to multinational corporations, financial institutions and public sector organizations around the world.
“This comprehensive solution benefits Fundtech clients in many ways. It minimizes the cost of processing foreign exchange transactions, enhances STP, and provides the base to generate additional revenue. Fundtech's PAYplus USA solution centralizes all payments activities and can be utilized by the bank's branches and customers via a browser,” states Michael Sgroe, President and COO, Fundtech. “We are pleased to partner with Citibank to offer our clients extended FX capabilities. This is another example of how Fundtech continues to offer value-added services to our clients.”
With thirteen offices on four continents, Fundtech Ltd is a leading provider of software solutions and services to financial institutions around the world. The Company develops and sells a broad array of products across the "financial supply chain" that enable banks to automate their corporate banking activities in order to improve efficiency, while providing their customers flexibility, convenience and control. Fundtech offers products in five business segments: payments, cash management, settlements, financial messaging, and post-trade securities settlement.
Fundtech is a publicly traded company, listed on NASDAQ (FNDT). The company was founded in 1993. For more information, please visit www.fundtech.com.
Forward Looking Statements:
This news release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, projections of revenues, income or loss, capital expenditures, plans for growth and future operations, competition and regulation. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted or quantified. When used in this Release, the words, “estimates,” “expects,” “anticipates,” “believes,” “plans,” “intends,” and variations of such words and similar expressions are intended to identify forward-looking statements that involve risks and uncertainties. Future events and actual results could differ materially from those set forth in, contemplated by or underlying the forward-looking statements. The factors that could cause actual results to differ materially from those discussed or identified from time to time in Fundtech's public filings, including its Annual Report on Form 20-F for the year ended December 31, 2006, including general economic and market conditions, changes in regulations and taxes and changes in competition in pricing environment. Undue reliance should not be placed on these forward-looking statements, which are applicable only as of the date hereof. Fundtech undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this Release or to reflect the occurrence of unanticipated events.
Citi Markets & Banking is the most complete financial partner to corporations, financial institutions, institutional investors and governments in the world. As a global leader in banking, capital markets, and transaction services, with a presence in many countries dating back more than 100 years, Citi enables clients to achieve their strategic financial objectives by providing them with cutting-edge ideas, best-in-class products and solutions, and unparalleled access to capital and liquidity.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.