Friday September 10, 2:08 pm Eastern Time
Company Press Release
Fundtech Announces its PAYplus CLS Solution
System Provides Complete Control Branch and Third Party Services for CLS Bank Settlement Members
JERSEY CITY, N.J.--(BUSINESS WIRE)--Sept. 10, 1999--Fundtech Ltd (NASDAQ: FNDT - news), a leading provider of electronic payment and cash management systems, today announced its PAYplus CLS(TM) (Continuous Linked Settlement) solution. The CLS Bank will be the central clearing party for FX trades and settlement of up to US $2.0 trillion a day. PAYplus CLS is a comprehensive solution designed to enable CLS Settlement Member Banks to manage the complete life cycle of FX transactions settled via the CLS Bank and to offer CLS services to User Members and Third Parties.
Fundtech products have already been chosen to clear US dollar payments through the Federal Reserve and Swiss franc payments through the Central Bank of Switzerland for the CLS Bank. With PAYplus CLS Fundtech is leveraging this CLS experience -- as well as its product base electronic Payments and Internet Banking -- to offer PAYplus CLS. The new system will provide bankers a complete suite of integrated FX payment and settlement services, including access to the CLS Bank, trade matching, liquidity management, reconciliation, interfaces to back-office systems, credit systems, and exchange rate feeding systems, with comprehensive systems management capabilities. PAYplus CLS enables settlement members to offer CLS services to their own branches, affiliates, third parties, and to user members and their affiliates
``We are excited about the opportunity to provide a solution to Settlement Members that will enable them to tie into this global initiative,' states Reuven Ben-Menachem, Fundtech's Chairman and CEO. ``PAYplus CLS uses our vast knowledge of the payments industry, and our experience with over 200 Real-Time Gross Settlement (RTGS) system installations worldwide. Our client/server, rules-based architecture makes PAYplus CLS an ideal system for CLS Settlement Member banks, User Members and Third Parties who require reliable and efficient FX settlements processing via the CLS Bank.'
PAYplus CLS receives and validates FX trades, provides pay-in forecasting and matching, pay-out forecasting and verification, disbursement of pay-outs to user members and third parties, and initiation of time-sensitive payments. PAYplus CLS monitors and manages the User Member and Third Party activities and accounts. The system also features security and audit controls as well as advanced risk management facilities.
Rajeev Agarwal, Senior Analyst for Wholesale Banking at Tower Group, stated: ``CLS bank will provide multilateral FX trade clearing and settlement services to some of the largest global banks trading up to US$2.0 trillion a day. It is essential that the 60+ member banks all have the systems in place for efficient and cost-effective foreign exchange management. Fundtech's PAYplus CLS will help member banks and settlement members better manage their internal FX operations, reduce costs, and improve risk management.'
PAYplus CLS operates on a unique UNIX environment with a browser-based Graphic User Interface (GUI) that enables users to reduce training time and minimise operating errors. A pre-configured set of workflow rules, cancellations, and amendments, including unmatchable trades or transactions, can be handled automatically or manually.
About CLS
CLS includes 60+ institutions from 14 countries worldwide. - The CLS bank maintains accounts for each of its members in
the CLS-eligible currencies. o Members are required to pay
balances to cover short currency positions within certain
limits.
The system moves through each linked transaction, simultaneously paying or settling each section of the trade. Each transaction will be settled unless a particular bank does not have sufficient funds or credit to cover the trade. When this occurs, CLS will leave the trade in suspense until the appropriate funds are in place. CLS will only settle payments made in eligible currencies from a member's own transactions.
CLS uses various key vendors to develop its systems including IBM and S.W.I.FT.
About Fundtech
Fundtech is a leading provider of software solutions that facilitate e-commerce and e-banking by enabling businesses and their banks to electronically manage cash, process payments and transfer funds. The Company's client/server and Internet software products automate the process of transferring funds among corporations, banks and clearance systems and enable businesses to manage global cash positions efficiently and in real-time. Fundtech's proprietary innovative software architecture, based on the Windows NT and UNIX operating systems, provides modular, scalable and secure solutions. Its solutions have been sold to more than 300 financial institutions around the globe.
Certain statements contained herein, including statements regarding the development of the company's services, markets, product functionality and year 2000 compliance and future demand for the company's product services and other statements regarding matters that are not historical facts, are forward-looking statements. Such statements include risks and uncertainties: consequently, actual results may differ materially from those expressed or implied thereby. Factors that could cause actual results to differ materially include, but are not limited to, variability of quarterly operating results, dependence on key personnel, ability to effectively manage growth, risks associated with rapid technological advances and possible acquisitions, any integration of those acquisitions into the company's present business, risk associated with the company's strategic partnerships, various project associated risks, including internet projects, substantial competition, risks associated with intellectual operations and other risk factors listed from time to time in the company's filing reports.
--------------------------------------------------------------------------------
Contact:
Fundtech Ltd., Jersey City
Michael Carus, COO & CFO
Tel: 201/946-1100
or
Write Image, London
Julia Gregory
Tel: +44 (0)20 7493 5400
Email: julia@write-image.co.uk
biz.yahoo.com |
