JERSEY CITY, N.J., Sept. 28, 2010 (GLOBE NEWSWIRE) -- Fundtech Ltd. (Nasdaq:FNDT), a market leader in global transaction banking solutions, today announced that Accountis Ltd has been fully integrated into a new operating unit with other Fundtech subsidiaries focused on financial supply chain products and services, and as a result, has changed its name to Fundtech FSC Ltd.
Fundtech acquired Accountis in February 2008 to extend its financial supply chain product line. The change will consolidate Accountis products and personnel into an operating unit that will offer seamless integration of the company's financial supply chain solutions including corporate cash & liquidity management, electronic invoice presentment and trade services. Accountis EIP is the new name for Fundtech's electronic invoicing presentment products and services for corporates and financial institutions worldwide.
Fundtech FSC also is a leading provider of UK Bacs payments software with over 8,000 corporate users and more than 2,000 direct clients. Bacsactive-IP is the name for Fundtech's Bacs payment product suite for corporates and financial institutions in the UK.
According to Gil Gadot, managing director of Fundtech's Financial Supply Chain Services strategic business unit: "By bringing together all of Fundtech's financial supply chain solutions into a single business unit we are able to offer the market the broadest line of seamlessly integrated products and services. This emerging field will become increasingly important as banks and corporations seek new ways to improve operating efficiencies related to cash flow operations and improve liquidity management."
Dyfan Williams, Managing Director of Fundtech FSC, adds: "Offering a treasury management system with integrated electronic invoice presentment gives banks the opportunity to serve their business customers well with tools that can deliver greater efficiency and visibility. Our UK clients will gain additional benefits from our Bacsactive-IP system."
Fundtech FSC is based in Bangor, Wales in the United Kingdom.
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 .
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. 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.
CONTACT: Metia Inc. Press Contact: (UK & Asia) Chanda Gathani +44 (0) 20 3100 3605 chanda.gathani@metia.com Cognito Press Contact: (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