JERSEY CITY, N.J., Feb. 23, 2009 (GLOBE NEWSWIRE) -- Fundtech Ltd. (Nasdaq:FNDT), a market leader in global transaction banking solutions, today announced that Robinsons Savings Bank, a leading bank in the Philippines, has implemented Global CASHplus (GCP), Fundtech's new generation transaction banking product that combines comprehensive global cash management with the full range of automated financial supply chain features.
Robinsons Savings Bank, a division of JG Summit group, a diverse conglomerate, will be offering traditional cash management services like collections, payments and liquidity management, integrated with a comprehensive set of structured products supporting open account trade. With the growth in open account trade, integrating these services with traditional cash management services will be a competitive advantage for banks.
Robinsons Savings Bank has developed a strong revenue model around providing financial supply chain solutions to its customers. GCP will enable the bank to streamline transaction processing and document management to handle a large number of small value open account trade transactions. Operational efficiency will be achieved through self-service financing options, flexible reporting, automated asset creation and tracking. Corporations will benefit from an unprecedented level of global financial control, enabling them to optimize their working capital while managing risk.
Mr. Raynold Gerongay, President and CEO at The Robinsons Savings Bank said: "Fundtech's GCP will enable us to offer our corporate clients the tools they need to optimize their working capital by combining traditional cash management with financial supply chain features. GCP will help us achieve both cost and operational efficiency in addition to enhanced customer satisfaction levels."
Sanjay Dalmia, Managing Director of Fundtech India, Ltd. said: "Global CASHplus offers an easy-to-use, yet sophisticated suite of financial tools to manage all aspects of corporate electronic banking and financial supply chain transactions. Our solution enables online view of the entire payment and financing process and helps improve working capital efficiency."
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 is a leader in SWIFT services, operating one of the world's largest SWIFT service bureaus in the world. We offer an extensive line of financial supply chain applications including electronic invoice presentment and supply trade 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, 2007, 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.