Serving Business Customers in 30 Countries Across the African
JERSEY CITY, N.J., July 12, 2011 (GLOBE NEWSWIRE) -- Fundtech Ltd.
(Nasdaq:FNDT), a market leader in global transaction banking solutions,
announced that Ecobank, the leading Pan-African bank with over $11
billion in assets, has launched Fundtech's Global CASHplus cash
management system across its network of affiliates covering 30
countries throughout Africa.
Ecobank has ambitious growth objectives for its corporate cash
management business, as its client base is increasingly requiring
access to cross-border transactions and online payment systems.
Ecobank made the strategic decision to utilize Fundtech's Global
CASHplus electronic platform, which is being deployed under the name of
Ecobank Omni, supporting the growth in transactional volumes of its
corporate clients. The bank has implemented the Payments, Receivables
and Balance reporting modules of Global CASHplus.
The Receivables module enables Ecobank's customers to optimize their
working capital requirements with a single dashboard for managing
everything from cash collection to complex direct debit mandates. With
a full range of pooling, concentration, sweeping and off-setting
configurations and on-demand liquidity transfer capabilities, Global
CASHplus helps Ecobank's corporate customers integrate their cash
management across Africa.
Ecobank also offers multi-bank and multi-account balance reporting in a
single window. By rolling out CASHplus across its pan-African network,
Ecobank can leverage the benefits of scale, relying on a central,
robust product infrastructure to drive growth consistently across all
Commenting on the attributes of Global CASHplus, Oti Ikomi, Group Head
of Corporate Banking Products at Ecobank, said: "Growing our
transaction banking business across Africa is a key objective for the
bank. We require a cash management system that is flexible enough to
accommodate varying business practices across our network and powerful
enough to meet the high volume of transactions that it will support.
The implementation of Fundtech's Global CASHplus which is customized
for us as Ecobank Omni is a key strategic step in strengthening our
competitiveness across Africa."
Fundtech Executive Vice President Gil Gadot said: "Ecobank represents
an important geographic expansion into the African continent. Africa
represents an emerging market in the banking industry and we are
delighted to work with the region's leading bank, providing them with
the advanced technology that will support their growth objectives."
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 operates the world's
largest SWIFT service bureau. We offer an extensive line of financial
supply chain applications including electronic invoice presentment and
supply chain 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, 2010, 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.
CONTACT: (UK) Chanda Gathani - Metia Inc.
+44 (0) 20 3100 3605
(USA) Binna Kim, Cognito
+1 646 395 6304
George Ravich - Fundtech Ltd