Bank of Cyprus Selects Fundtech's Global PAYplus to Improve Efficiency and Service; Bank Plans to Revolutionize Its Payments Business across Its Branch Network.

Business Editors

JERSEY CITY, N.J.--(BUSINESS WIRE)--Aug. 5, 2003

Fundtech Ltd. (Nasdaq: FNDT), the leading provider of global electronic payments, settlement and cash management solutions, announced today that Bank of Cyprus has selected Fundtech's Global PAYplus(TM) payment solution to modernize its payments business. The solution will replace various systems allowing the bank to realize significant operational cost savings as well as offer consistent payment services throughout its branch network in Cyprus.

By employing Global PAYplus' web front-end, the bank's branches will now be able to automate most of the steps involved with initiating and researching payments. Bank of Cyprus expects to realize significant operating efficiency and cost savings from the automation and high Straight Through Processing (STP) rates that Global PAYplus will provide.

Bank of Cyprus selected Global PAYplus because it met its payments processing requirements. In addition to being able to process both domestic and cross-border payments, the system needs to be fully Euro compliant, supporting Cyprus' upcoming inclusion into the European Union, in May 2004.

In addition, the bank wanted a payments system that was easy to maintain and could be installed quickly. "We initially planned to develop an in-house system to meet our expanding payments needs, but found that Fundtech's Global PAYplus met our requirements without enhancements or time-consuming customization," said Marina Stylianou, Project Manager, Bank of Cyprus. "Fundtech has a powerful payments solution that provides a bank of our size with all the features and capabilities that used to only be available to the largest global banks. Our customers will appreciate the improvements that Global PAYplus will deliver to them," said Ms. Stylianou.

"We are pleased that Bank of Cyprus has selected Fundtech's Global PAYplus solution," said Michael Sgroe, Chief Operating Officer of Fundtech Corporation. "We have developed a solution that offers banks of any size the ability to consolidate and automate their payments operations in order to improve their bottom line results. Global PAYplus was able to meet Bank of Cyprus' needs without enhancement or modification," said Mr. Sgroe.

About Bank of Cyprus

Bank of Cyprus, which has its Head Office in Nicosia, was founded in 1899, and is now the leading Cypriot banking and financial services group. The Group currently operates through a total of 245 branches, of which 150 are in Cyprus, 80 in Greece, eight in the United Kingdom, six in Australia and one in the Channel Islands. Bank of Cyprus also has representation in the United States of America, Canada, South Africa, Russia and Romania. Bank of Cyprus Group has the distinction of being the first foreign company to have its shares listed on the Athens Stock Exchange in November 2000.

About Fundtech

Fundtech (www.fundtech.com) is a leading provider of software solutions and services that facilitate payments, settlement and cash management 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. Its solutions have been sold to hundreds of financial institutions around the globe.

Forward Looking Statements

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Global PAYplus is a trademark of the Fundtech Corporation. All other trademarks and service marks are properties of their respective owners.