JERSEY CITY, N.J., Sept. 24, 2012 (GLOBE NEWSWIRE) -- Fundtech, a market leader in global transaction banking solutions, today announced that US-based Walter Energy, Inc. has become the company's 75th SWIFT for Corporates client. Fundtech's corporate client list has grown 50 percent over the past year.
Walter Energy is a leading metallurgical coal producer for the global steel industry with operations in the United States, Canada and United Kingdom. As part of its international expansion, Walter Energy added several multi-country banking relationships, and as a result, requires a seamless and simplified method of connecting to these banks in order to transfer funds and obtain balance information.
Walter Energy's SWIFT connection through Fundtech's Service Bureau provides these benefits, helping to reduce operating costs and improve cash flow forecasting. By using SWIFT messaging standards Walter Energy will have a consolidated bank communications channel that integrates with its ERP and treasury management systems.
Fundtech and its subsidiary BBP operate the world's largest global SWIFT service bureau with over 600 financial institutions connected through three services centers located in the United States, United Kingdom, and Switzerland. Value-added services include: transaction filtering for sanctioned parties, data transformation, reconciliation, and archiving.
"We are delighted to welcome Walter Energy as our newest corporate client. Our rapid growth is market validation of our commitment to reliable quality service and innovation. Our global presence and experience provides a strong foundation for future growth," said Mary Ellen Putnam, Fundtech's Executive Vice President of Banking Products - Americas.
About Fundtech
Fundtech offers a comprehensive line of transaction banking solutions to banks and corporations of all sizes around the world. As a strategic supplier, our clients benefit from lower operating costs and an enhanced end-user experience through our integrated and feature-rich solutions. Our major product lines are: global and regional payments, corporate cash and liquidity management, financial messaging, electronic invoice presentment, supply chain financing, remote deposit capture, merchant services, credit card gateway and mobile banking products. Fundtech offers its software through a traditional software license and a Software-as-a-Service (SaaS) contract. We operate Fundtech Connect, one of the world's largest services bureaus that addresses the unique needs of the financial services industry. Thousands of financial institutions and companies worldwide rely on Fundtech's innovation to improve operational efficiency, increase revenues, and provide greater competitiveness through business-to-business services. Founded in 1993, Fundtech was acquired in 2011 by GTCR, a Chicago-based private equity firm. For more information, please visit www.fundtech.com
About Walter Energy
Walter Energy is the world's leading, publicly traded "pure-play" metallurgical coal producer for global industry with strategic access to high-growth steel markets in Asia, South America and Europe. The Company also produces thermal coal, anthracite, metallurgical coke and coal bed methane gas. Walter Energy employs approximately 4,400 employees and contractors with operations in the United States, Canada and United Kingdom. For more information about Walter Energy, please visit www.walterenergy.com.