Overseas Union Bank -OUB- Selects Fundtech's PAYplus RTGS Solution for Payments Processing; Contract Marks Fundtech's First Deal in Singapore.Business Editors JERSEY CITY, N.J.--(BUSINESS WIRE)--May 30, 2001 Fundtech Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : FNDT FNDT Friday Night Drinking Thread ), a leading provider of e-payments and Internet banking solutions, announced today that Overseas Union Bank (OUB OUB Overseas Union Bank (Singapore) OUB OPDS Utility Boat OUB offshore petroleum discharge system (OPDS) utility boat (US DoD) ), Singapore's fourth largest bank, will implement Fundtech's PAYplus RTGS RTGS Real Time Gross Settlement RTGS Real Time Gross Settlement System electronic payments solution. OUB will use PAYplus RTGS to automate the processing thousands of transactions a day. The system allows OUB to expand its current offerings to corporate clients and prospects. In addition, the implementation of PAYplus RTGS marks OUB's first step toward its goal of centralizing cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. their Asia-Pacific region's funds transfer processing operations in Singapore. "We are pleased to announce our first deal in Singapore," said Reuven Ben-Menachem, chairman and chief executive officer, Fundtech. "This deal with OUB will greatly increase our visibility in South East Asia East Asia A region of Asia coextensive with the Far East. East Asian adj. & n. and further positions us as the leading player in the market for payment systems." About PAYplus RTGS PAYplus RTGS is a fully integrated, multi-currency payment system that automates Real Time Gross Settlement (RTGS) payments processing, S.W.I.F.T. messaging, and liquidity management. The system enables client banks to maximize straight through processing In financial technology, the ability to process a stock transaction by computer from beginning to end without manual intervention at any of the stages. volumes and thereby increase the productivity and reduce the costs of funds transfer operations. PAYplus RTGS is one of the few payment systems in the world that have been certified "S.W.I.F.T. Ready Gold." Fundtech has installed PAYplus RTGS successfully in Australia, Greece, Ireland, Italy, Greece, South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. , Sweden, the United Kingdom, and installations are in progress in other countries. About OUB OUB began operations in 1949. Today, it is one of the largest banks in Singapore This is a list of banks with operations in Singapore. Location of incorporation is provided in brackets for foreign banks. There are, at present, 111 commercial banks, 49 merchant banks, and 45 banks with representative offices in Singapore. and ASEAN ASEAN: see Association of Southeast Asian Nations. ASEAN in full Association of Southeast Asian Nations International organization established by the governments of Indonesia, Malaysia, the Philippines, Singapore, and Thailand in , with total group assets of S$46.6 billion (as of 31 December 2000). Well-established in Asia Pacific and further abroad, OUB has an international network of 64 offices in 16 countries. It offers the full range of consumer banking, corporate banking, corporate finance, treasury, international banking and investment banking services. OUB is especially known for its innovative and forward-looking consumer banking initiatives. 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 700 financial institutions around the globe. 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 "will", "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 RTGS is a trademark of the Fundtech Corporation. All other trademarks and service marks are properties of their respective owners. |
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