Fundtech's Global CASHplus chosen by Kotak Mahindra Bank

Telecomworldwire, Sept 17, 2008

TELECOMWORLDWIRE-17 September 2008-Fundtech's Global CASHplus chosen by Kotak Mahindra Bank(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com

Fundtech Ltd (Nasdaq:FNDT), a developer of banking transaction solutions, announced on Tuesday (16 September) that Kotak Mahindra Bank, part of India's Kotak Mahindra Group, has deployed Global CASHplus' Collections and Payments modules.

The Global CASHplus modules are expected to help Kotak Bank to centralise its payments and collections processing for its corporate customers, including salary payments, invoice payments, dividend and warrant payments. The new system will offer enhancements to a range of the bank's collections services, including guaranteed arrangements, cheque collections, post-dated cheque collections and correspondent bank management. In addition, corporate clients will use a web-enabled interface that integrates all services into a single window.

The bank selected Fundtech's Global CASHplus product because it provides a comprehensive platform for payments and collections, as well as innovative financial supply chain functionality that will help its clients gain greater visibility into their working capital needs, Kotak Mahindra said.

No financial details were disclosed.

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