PAYplus ServiceBureau introduced by Fundtech

Telecomworldwire, Sept 12, 2008

TELECOMWORLDWIRE-12 September 2008-PAYplus ServiceBureau introduced by Fundtech(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com

Fundtech Ltd (Nasdaq:FNDT), a developer of banking transaction solutions, has announced the introduction of PAYplus ServiceBureau, the first SWIFTReady global payments platform combined with SWIFT services, available as an outsourced service.

The company said that PAYplus ServiceBureau, available as Software as a Service (SaaS), enables banks to upgrade their payments platform without large up-front investments in a new system, as well as relieving them of the ongoing support costs of maintaining and extending it.

The new service reportedly supports payment processing for major European payment networks, including SWIFT, EBA, TARGET2, SEPA and a range of domestic clearing and settlement systems in Europe and Asia-Pacific. The solution offers banks a low-cost option for adding SEPA payments, including Direct Debits and the conversion into ledger format.

PAYplus ServiceBureau provides the full range of SWIFT messaging, including FIN, FileAct, Interact and Browse, transaction filtering for PEP (Politically Exposed Persons), OFAC and other watch lists, as well as message archiving and reconciliation, the company said.

The system, scheduled to be available in Q1 2009, will be deployed in the service bureau operated by BBP, Fundtech's subsidiary located in Switzerland. After an integration fee, banks will pay a monthly fee combined with a per-transaction charge.

No other pricing details were disclosed.

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