Some PR from the company: Thursday June 25, 8:28 am Eastern Time
Company Press Release
Fundtech Adds Six New U.S. Clients
Total Worldwide Client Base Now Over 180
JERSEY CITY, N.J.--(BUSINESS WIRE)--June 25, 1998--Fundtech Ltd. (NASDAQ: FNDTF - news) today announced its addition in June of six clients to its growing client base. The banks, located in Los Angeles, CA; Cleveland, OH; Mt Laurel, NJ; Wichita, KS; and Baltimore, MD, will be using Fundtech's FEDplu$ product which automates and connects the institution's wire operations with the Federal Reserve's FedWire system.
''We are pleased to add these six institutions to our growing client base. As of today, we have already signed on more new customers in 1998 than we signed on in all of 1997,'' stated Reuven Ben-Menachem, CEO of Fundtech. ''We now have more than 180 financial institutions worldwide using our products to better serve their customers. Clearly, our cost-effective, easy-to-use products are exactly what the industry is looking for''.
FEDplu$ is Fundtech's client/server funds transfer solution for the U.S. market. It is used to automate financial institutions' wire rooms and to connect to the Federal Reserve's FedWire system. It provides a cost-effective solution that both reduces payment risk through real-time updates of account balances by means of an online interface with a host computer and improves customer service through use of its comprehensive database, which contains all the information about a transfer from its creation to accounting to memo posting.
Fundtech Ltd. designs, develops, markets and supports a suite of mission-critical client/server software products that enable financial institutions and large business enterprises to process payments, transfer funds and manage their cash positions electronically. The Company's products are among the most technologically-advanced and cost- effective electronic payments, funds transfer and cash management solutions. The Company's proprietary innovative software architecture, which is based on the Windows NT and UNIX operating systems, provides modular, scaleable, and secure solutions that have been sold to more than 180 financial institutions, including Fidelity Investments, J.P. Morgan, Swedbank, Banco Atlantico, Visa International and Washington Mutual.
Additional information on Fundtech can be found by visiting their website at www.fundtech.com.
Certain statements contained herein, including statements regarding the development of the Company's services, markets and future demand for the Company's services and other statements regarding matters that are not historical facts, are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). Such forward- looking 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, risks associated with possible acquisitions, any integration of those acquisitions into the company's present business, risks associated with the Company's strategic partnerships, various project associated risks, including internet projects, substantial competition, risks associated with intellectual property rights, risks associated with international operations and other risk factors listed from time to time in the Company's filings and reports. |
