JERSEY CITY, N.J., June 1, 2011 (GLOBE NEWSWIRE) -- Fundtech Ltd (Nasdaq:FNDT), a market leader in global transaction solutions for banks and corporates, today announced a partnership with WebExpenses, a flexible and powerful service for managing business travel and entertainment expenses that is currently used by thousands of employees in more than 60 countries.
Fundtech's branded version called Online Expenses will be offered to its current customer base of more than 2,000 direct corporate clients, as well as future customers. As part of the partnership arrangement, WebExpenses will promote Fundtech as their preferred supplier of electronic invoicing presentment and payment (EIPP) services.
Available as Software as a Service (SaaS), Online Expenses is a quick and easy solution to setup and use without the need to install new software. It gives organizations the flexibility to easily revise their expenses policies and reinforce them as frequently as needed. The easy-to-use reporting and analysis tools provide better visibility and control for managers and auditors, which have the ability to reduce fraud. Adjustments can also be made on country-by-country tax compliance and client recharging.
With Online Expenses, employees/claimants can quickly submit their expenses using an intuitive web interface or populate directly from a credit card statement. Online Expenses includes mileage verification tools that enable business travelers to calculate their carbon footprint by using up-to-date carbon and environmental data at the point of entry. The system supports receipt attachments and SMS, with iPhone and Blackberry applications available.
"There is a natural synergy between Fundtech and WebExpenses and we are delighted to announce our partnership," said Richard Cogswell, Sales & Marketing Director for Fundtech. "Just like our Accountis EIPP product line, Online Expenses offers businesses of any size the ability to replace slow, inaccurate paper processes with an automated and accurate process that is a greener alternative. At a time when all organizations are looking to lower operational costs, Online Expenses provides a way to save time and money."
Sanjay Parekh, managing director of WebExpenses, commented: "Our partnership with Fundtech is a significant development for WebExpenses and a great endorsement of the value and benefits of our services. WebExpenses already serves a range of businesses and industries, predominantly in the UK, and this partnership will dramatically increase our current global reach through Fundtech's substantial and eminent client base."
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, 2008, including general economic and market conditions, changes in regulations and taxes and changes in competition in pricing environment. Undo 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.
About WebExpenses
WebExpenses is an award winning provider of web-based expenses solutions software serving customers across a diverse range of industries and sizes. Trusted by over 300 clients and used by thousands of employees in more than 60 countries, WebExpenses' award winning expenses solutions processes £millions in travel and entertainment (T&E) spend a year. Still run and owned by its founders, WebExpenses celebrated its 10th birthday in 2010. WebExpenses was set up to offer a simple, innovative solution to the often manual and time consuming task of managing expenses. Customer implementations range from small organisations with a handful of users to those with several thousand users scattered across multiple divisions across the globe. Delivering rapid ROI, WebExpenses helps organisations increase efficiency, control employee spend and drive down operational costs.
CONTACT: Press Contacts: (USA) Bina Kim, Cognito +1 646 395 6304 Binna.Kim@cognitomedia.com (UK and APAC) Chanda Gathani - Metia Inc. Tel: +44 (0) 20 3100 3605 chanda.gathani@metia.com Corporate Contacts: George Ravich - Fundtech Ltd. Tel: +1 201 215 6530 george.ravich@fundtech.com Simon Corbett - WebExpenses (Jargon Public Relations) Tel: +44 (0) 1189 73 93 70 Mobile: +44 (0) 7974 093 994 simon.corbett@jargonpr.com