Fundtech's PAYplus CLS Solution Selected by the Bank of New York; PAYplus CLS To Facilitate FX Settlement Activities of CLS Member Banks
JERSEY CITY, N.J.--(BUSINESS WIRE)--April 25, 2000--Fundtech Ltd., (Nasdaq: FNDT), a leading provider of e-payments and Internet banking solutions, is announcing that The Bank of New York has signed a contract to purchase a license for its browser-based PAYplus CLS(TM) solution.
PAYplus CLS will interface with the new Continuous Linked Settlement (CLS) Service for settlement of Foreign Exchange (FX) trades. The CLS Service, which is scheduled to go live in 2001 with 62 of the world's leading foreign exchange trading banks, is set up to eliminate foreign exchange settlement risks that can occur when foreign exchange trades are settled. Given the CLS membership base, this service will handle FX trades with a daily value of approximately three trillion U.S. dollars.
PAYplus CLS provides an integrated solution for CLS Settlement Members to process their own transactions as well as to offer FX settlement services to User Members and Third Parties. PAYplus CLS supports straight-through processing by interfacing to internal bank systems and automating the entire transaction workflow - from trade matching, to funding, to payment scheduling - while providing powerful tools for risk management and forecasting.
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 enables businesses to manage global cash positions efficiently and in real-time. Its solutions have been sold to more than 650 financial institutions around the globe. For additional information, please see Fundtech's Web site at www.fundtech.com.
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.
PAYplus CLS is a trademark of Fundtech Ltd. All other trademarks and service marks are property of their respective owners.
CONTACT: KCSA Public Relations Worldwide
Yin Chang/Michael Kniat
(212) 896-1228/(212) 896-1238
ychang@kcsa.com/mkniat@kcsa.com
or
Fundtech Ltd.
Michael Carus, (201) 946-1100
michaelc@fundtech.com
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