Friday September 10, 2:13 pm Eastern Time
Company Press Release
Fundtech Announces NOSTROplus(TM) Solution
Bank Leumi Selects Fundtech to Manage Global Correspondent Account Relationships in Real-Time
JERSEY CITY, N.J.--(BUSINESS WIRE)--Sept. 10, 1999--Fundtech Ltd. (Nasdaq: FNDT - news), a leading provider of electronic payment and cash management systems, expanded its product offering today with the launch of NOSTROplus(TM), a comprehensive nostro account management solution, to help global financial institutions manage their the cash flows and balances of their correspondent accounts world wide, in real-time. The solution has successfully gone live at Bank Leumi, a leading financial institution, to support its world-wide operations.
NOSTROplus will provide Bank Leumi with intra-day and inter-day cash positions for individual accounts, account groups, and currency groups. NOSTROplus combines account balance management features with automated funding and account/transaction matching capabilities, enabling financial institutions to balance their NOSTRO accounts closer to the daily ``cut-off' time - when routine activities must end and essential funding transactions must be executed - than previously possible. The time saved from this automation will enable financial institutions to extend customer service hours, and improve productivity and customer service.
Itzach Malach, Senior Vice President and Head of Operations, Information Systems and Administration, Bank Leumi, stated: ``We needed a solution that would help us manage several hundred accounts at our correspondent banks effectively and flexibly, maximising their cash positions in any currency, anywhere in the world. With the introduction of the euro and the volatility of foreign exchange markets, we needed a real-time nostro management system that would allow us to service our customers that deal both in the legacy European currencies and the euro. Fundtech's NOSTROplus was the obvious choice. It provides us with a real-time solution that improves risk management and tightens our control on the Bank's assets.'
Reuven Ben-Menachem, Chairman and CEO of Fundtech, said: ``After detailed research into the payments requirements of the world's leading financial institutions, we found that a common source of dissatisfaction was the lack of support available for flexible, but controlled, nostro account management. We designed NOSTROplus to support multi-currency transactions and standard S.W.I.F.T. messaging conventions, with strict risk management and security controls. NOSTROplus communicates with other banking applications, including payment and general ledger systems. NOSTROplus offers a robust and secure vehicle to manage a financial institution's world-wide cash positions, while minimizing the costs of account ownership.'
Ben-Menachem continued: ``Bank Leumi's requirements for nostro account management are typical of leading financial institutions world-wide. NOSTROplus will help the bank meet target balances at account and currency levels, and includes special features for euro and sweep account management. The multi-currency, multi-lingual solution will further improve productivity and help reduce costs by enabling correspondent banking account managers to run the financial scenarios that will determine the required balancing method.'
NOSTROplus provides step-by-step support for all balance management processes, including online inquiry and reporting facilities. Processes include, the summarisation and display of positions by account and currency, the determination of the most efficient method for balancing accounts within a currency or a group of currencies, and the automatic generation of messages that will transfer funds between nostro accounts. NOSTROplus permits user interaction during each step of the process, automated verification of interest and fee charges on correspondent accounts, and flexible rules for optimal cash asset management.
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 across 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 products 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.
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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
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