AMSTERDAM, Netherlands, Oct. 28, 2010 (GLOBE NEWSWIRE) -- Sibos -- Fundtech Ltd. (Nasdaq:FNDT), a market leader in global transaction banking solutions, announced the introduction of the Concurrent Processing Module for its PAYplus for CLS system, which is designed to significantly increase the speed in which settlement trades are completed. The announcement relates to the recent CLS Bank announcement concerning the continued usage of its gateway infrastructure.
The new module offers a full-duplex connection to the CLS Gateway, vastly improving performance over the current industry standard. This is achieved through multiple simultaneous connections to the CLS Gateway. Each of the gateway connections is fully configurable, separating trade submissions from status updates and notifications.
With two further clients added this year bringing the number of CLS Settlement Member banks using PAYplus for CLS to twenty three, Fundtech is the market share leader among vendors.
About Fundtech
Fundtech (Nasdaq:FNDT), was founded in 1993, and is a leading provider of software and services to banks of all sizes around the world. Payments systems include wire transfers, ACH origination, cross-border payments and remittance. Cash management systems are designed for large corporate through small business clients. Fundtech operates the world's largest SWIFT service bureau. We offer an extensive line of financial supply chain applications including electronic invoice presentment and supply chain financing. And we are the leading provider of CLS systems to the world's largest banks. More than 1,000 clients throughout the world rely on Fundtech solutions to improve operational efficiency and provide greater competitiveness through innovative business-to-business services. For more information, 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, 2009, 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.
CONTACT: Metia Press Contacts: (On-site Sibos support) Dee Burke +44 (0)7746 934804 Dee.Burke@metia.com (London) (UK office support) Rhiannon Davies +44 (0) 203 100 3508 Rhiannon.Davies@metia.com Cognito (USA) Binna Kim +1 646 395 6304 Binna.Kim@cognitomedia.com Fundtech Ltd. Corporate Contact: George Ravich +1-201-215-6530 george.ravich@fundtech.com