JERSEY CITY, N.J., Feb. 9, 2012 (GLOBE NEWSWIRE) -- Fundtech, a market leader in global transaction banking solutions, today announced that Corporate One Federal Credit Union has executed an agreement to purchase Fundtech's CASHplus® and PAYplus-ACH® in order to provide its nearly 800 members with the industry's most feature-rich and easy-to-use ACH payment system.
By choosing Fundtech, Corporate One will be replacing the APEX-ACH platform offered through U.S. Central Federal Credit Union (the wholesale provider of financial services to the corporate network) with a solution that will offer several enhancements, and have pricing that is more favorable to its members.
According to Robert Coyan, Corporate One's SVP of Operations: "After extensive vendor research, we are very pleased to announce the selection of Fundtech as our new ACH system provider. Fundtech offers a user-friendly, best-in-class solution that will provide our members many benefits above and beyond the APEX-ACH system. Important enhancements include: outstanding risk mitigation and monitoring capabilities; and for those originating ACH transactions, a very robust user interface (GUI) allowing our members to more easily add select employee groups (SEGs)."
Mary Ellen Putnam, EVP and head of Fundtech's Banking Products – Americas, said: "We are delighted that Corporate One has selected Fundtech systems to support their ACH business. By combining the award-winning user interface of CASHplus with the feature-rich functionality of PAYplus-ACH, Corporate One will be able to offer its members the industry's best ACH payment services. As a long-standing client of Fundtech's PAYplus Connect, there will be valuable synergies achieved from having Fundtech providing such a large portion of Corporate One's payment systems."
According to Lee Butke, president/CEO of Corporate One, "The selection of Fundtech's ACH platform is a natural fit for our members and for our organization. This partnership will provide our member credit unions an exceptional ACH solution with many new features and benefits over the APEX-ACH system, and at a more competitive price. Additionally, the Fundtech solution gives Corporate One the ability to process ACH transactions for any other corporate credit union that would like to pool their volumes with us to take advantage of the power of aggregation for their own membership. I see this new partnership with Fundtech as a win-win for Corporate One and its members, and for any natural person credit union or corporate credit union looking to offer a powerful ACH solution to their members."
Corporate One will soon begin the process of working with its members to transition them to the new ACH platform. Per a previous announcement from U.S. Central, U.S. Central is poised to institute price increases on the APEX-ACH system beginning June 30, 2012 and Corporate One expects to have all members transitioned by that time.
About Corporate One:
Corporate One Federal Credit Union is a leading wholesale financial services provider to more than 780 of America's credit unions. With more than $4.7 billion in assets under management, Corporate One offers correspondent services including ATM/debit and credit cards, share draft imaging, depository and electronic payment services and investments to credit unions across the United States. Corporate One also developed and manages Alliance One, one of the nation's largest non-network-specific ATM selective-surcharging groups. For more information, visit www.corporateone.coop.
About Fundtech
Fundtech is a leading provider of financial technology to banks and corporations of all sizes around the world. Founded in 1993, Fundtech was acquired by GTCR, a Chicago-based private equity firm. Major product lines are: payments and liquidity management; cash management, financial messaging, electronic invoice presentment, supply chain financing, remote deposit capture, merchant services, credit card gateway products and mobile banking products. The company sells these systems through either a traditional software license or through a Software-as-a-Service (SaaS) contract. Fundtech operates one of the world's largest services bureaus called Fundtech Connect, which addresses the unique needs of the financial services industry. Thousands of financial institutions and companies around the world rely on Fundtech's innovation to improve operational efficiency, increase revenues, and to provide greater competitiveness through business-to-business services. For more information please visit www.fundtech.com.