Fundtech Contact: Media Contact: George Ravich Justine Schneider Fundtech Ltd. Ruder Finn, Inc. (201) 946-1100 (212) 583-2750 [email protected] [email protected]
FOR IMMEDIATE RELEASE
NATIONAL AUSTRALIA BANK SELECTS PAYPLUS CLS FROM FUNDTECH; FUNDTECH FURTHERS ITS DOMINANCE IN THE CLS MARKET
JERSEY CITY, N.J.--(BUSINESS WIRE)--Oct. 5, 2000--Fundtech Ltd. (NASDAQ:FNDT), a leading provider of e-payments and Internet banking solutions, today announced that its PAYplus CLS(TM) software has been selected by the National Australia Bank Limited (ASX: NAB) to facilitate settlement of foreign exchange (FX) trades in the Continuous Linked Settlement (CLS) environment.
The National Australia Bank is a major Australian financial institution with subsidiary operations in the United Kingdom, Ireland, New Zealand and the United States. It ranks among the top 50 banks in the world, with assets of over AUD 322 billion.
"Fundtech's PAYplus CLS provides an integrated solution which is consistent with the National's straight through processing philosophy," said Mr. Bruce Rose, General Manager, Global Wholesale Support Services, National Australia Bank. "Fundtech's PAYplus CLS will support the management of the Group's foreign exchange operations in the new CLS system."
Major global financial services companies such as Bank of America, Bank of New York, Deutsche Bank, Dresdner Bank, and Commerzbank have also
Fundtech Corporation 30 Montgomery Street, Suite 501, Jersey City, NJ 07302, USA ■ Tel: +1-201-946-1100 ■ Fax: +1-210-946-1313 www.fundtech.com selected Fundtech's CLS solution. Fundtech is currently contracting with several other large global banks for its PAYplus CLS solution.
"Fundtech is working with key CLS settlement banks to help them meet the evolving CLS requirements and the implementation deadlines," said Reuven Ben-Menachem, Chairman and CEO, Fundtech. "In addition Fundtech's PAYplus CLS solution will help these banks to gain market share and revenue by enhancing their ability to perform CLS settlement services for user members and third parties."
About National Australia Bank
National Australia Bank is an international financial services group providing a comprehensive range of financial services across four continents and 21 financial centers. Globally, the National has almost nine million customers.
In Australia, the National is one of the three largest companies listed on the Australian Stock Exchange, it has the largest banking market share and a rapidly growing financial services capability.
Committed to building shareholder wealth, the National has an impressive record of providing strong returns and consistent earnings growth through its efficient operating structure. In the last five years, the National's return on average shareholders' equity has averaged 17.4%, while the compound average growth rate in basic earnings per share over the same period has exceeded 9%.
About Fundtech
Fundtech (www.fundtech.com) is a leading provider of software solutions and services that facilitate e-payments and e-banking by enabling businesses through their banks to electronically manage cash, process payments and transfer funds. The Company's client-server and Internet software products and services 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. Its solutions have been sold to more than 650 financial institutions around the globe.
Fundtech Corporation 30 Montgomery Street, Suite 501, Jersey City, NJ 07302, USA ■ Tel: +1-201-946-1100 ■ Fax: +1-210-946-1313 www.fundtech.com Forward Looking Statements:
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes" "anticipates" "plans" or "expects" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.
PAYplus CLS is a trademark of the Fundtech Corporation. All other trademarks and service marks are properties of their respective owners.
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Fundtech Corporation 30 Montgomery Street, Suite 501, Jersey City, NJ 07302, USA ■ Tel: +1-201-946-1100 ■ Fax: +1-210-946-1313 www.fundtech.com