BBP, a leading provider of SWIFT services and a division of Fundtech Ltd. (NASDAQ: FNDT), announced today ABB Capital has selected BBP’s ServiceBureau for direct SWIFTNet Corporate Access. ABB is currently completing its pilot phase and plans to go live within several weeks.
ABB’s Group Treasury will replace their three existing e-banking applications with a single bank-independent SWIFT application that connects their three banks. ABB wants to streamline their processes and increase the security of their payments initiation process.
Corporations are looking for simplified and streamlined payment processes and control procedures. Many are finding that using an independent SWIFTNet solution eliminates the complexity of supporting multiple platforms, procedures and standards required in a multi-bank environment.
Security, fraud and compliance are playing an increasingly important role in decisions by corporate finance departments about how they conduct business. Regulatory pressure from the Sarbanes-Oxley Act, IFRS, and others, are requiring greater operational controls on all their activities.
“BBP has a huge footprint in the SWIFT service bureau market and more than 12 years experience operating secure and mission-critical SWIFT connectivity applications. Our selection of BBP was influenced by several key decision criteria: the annual security audit done by an independent third-party; the strong security features of BBP’s IGTplus platform; and the compliance with the ‘Circular of the Swiss Federal Banking Commission: Outsourcing of Business Areas’ which is unique in the marketplace. These important features, combined with their professionalism and long list of reputable clients, led us to select BBP,” said Thomas Martin, Head of Operations & IT, ABB Capital B.V., Zurich Branch.
Per Trifunovic, BBP CEO said “We are delighted to have ABB as a client for our SWIFTNet Corporate Access. ABB will benefit from simplifying their payment operations and will be better prepared to address the security threats that have become a greater factor in conducting financial transactions.”
About BBP
BBP AG develops financial messaging applications, offering its software on an in-house or service bureau basis for SWIFT, SIS SegaIntersettle, Swiss Interbank Clearing (SIC), and other networks. The company provides software and services to hundreds of banks throughout Europe, and operates one of the largest SWIFT service bureaus world-wide. Located in Baden Switzerland, BBP's most important goals are product reliability and the long term, successful cooperation with clients and partners.
About Fundtech
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 is a leader in SWIFT services, operating one of the world’s largest SWIFT service bureaus in the world. We offer an extensive line of financial supply chain applications including electronic invoice presentment and supply trade financing. And we are the leading provider of CLS systems to the world’s largest banks. More than 750 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, 2007, 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.
Contacts:
(UK)
Ben Jarrold, +44 (0) 20 3100 3610
ben.jarrold@metia.com
or
(US)
Charlotte
Crivelli, +1-917-320-6452
charlotte.crivelli@metia.com
or
Fundtech
Corporation
George Ravich, +1-201-215-6530
george.ravich@fundtech.com
