AUSTIN, Texas, April 5, 2011 /PRNewswire/ -- Travelex Global Business Payments, the world's leading cross-border payments specialist, and Fundtech Ltd., a market leader in global transaction banking solutions, today announced an alliance to provide an industry-leading integrated foreign payment solution for U.S. financial institutions.
The alliance will offer financial institutions using Fundtech's PAYplus USA™ for domestic wire transfers a seamless connection to Travelex's international wire payments platform. This integrated international payment capability enable banks and credit unions to grow their non-interest revenue streams, so they can concentrate on core business activities.
"Fundtech is delighted to partner with Travelex Global Business Payments as we aim to continually enhance the value of PAYplus USA with new expanded functionality. As the demand for international payments increases, offering banks integrated and complete international payments capabilities is an important enhancement," said Anthony Salamone, VP U.S. Payment Product Management for Fundtech.
The partnership allows Fundtech customers to benefit from an integrated foreign payments solution that:
- Streamlines Payment Processing: Fundtech's PAYplus USA is an intuitive platform that offers the combined advantage of executing domestic and foreign payments in a quick, convenient and cost effective manner
- Reduces Errors: PAYplus USA has a simplified manual processing function that helps financial institutions reduce rekeying errors associated with entering data to multiple payment systems
- Consolidates Reporting Options: Through PAYplus USA, all payments information comes through one application to provide consolidated reporting for domestic and international payments. Centralizing all transactions into one system also simplifies current day and historical data research for financial institution clients
"Many financial institutions are looking for convenient, efficient and cost-effective international payment solutions and our alliance with Fundtech ensures that all transaction, compliance and settlement functions are integrated on to one platform," said Matthew Lewis, Director Partnerships and Alliances for Travelex Global Business Payments. "Fundtech gives us a tremendous opportunity to respond to the needs of our financial institution customers by offering them access to a seamless and integrated solution for their global payment needs."
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.
About Travelex Global Business Payments
Travelex is a global foreign exchange specialist providing the payment and receipt of domestic and international funds for businesses of all sizes. For more than 30 years, Travelex has provided clients with sophisticated market knowledge, leading edge technologies and practical and innovative solutions tailored to individual requirements.
Every year, Travelex processes payments around the world for over 35,000 businesses to one million beneficiaries.
For more information, visit www.travelexbusiness.com/na. In the United States, services are provided by Travelex Global Business Payments, Inc. or Travelex Currency Services, Inc. In Canada, services are provided by Travelex Canada Limited.
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, 2009, including general economic and market conditions, changes in regulations and taxes and changes in competition in pricing environment. Undue 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.
© 2011 Travelex.
In the United States, services will be provided by Travelex Global Business Payments, Inc. or Travelex Currency Services, Inc. In Canada, services will be provided by Travelex Canada Limited. For a complete list of U.S. state licensing, http://www.travelexbusiness.com/na/about/compliance.
SOURCE Travelex Global Business Payments