Fundtech Successfully Brings 40 Customers onto its Global Compliance Solution
Fundtech onboards customers to its new compliance filtering solution
New York – September 29, 2014 - Fundtech, a market leader in global transaction banking solutions, today announces that it has migrated 40 of its financial messaging service bureau customers to its new compliance solution, Global Compliance Plus.
Global Compliance Plus implements a proprietary algorithm to reduce the costly ‘false positives’ associated with anti-money laundering compliance by ensuring that messages that have already passed scrutiny are not re-checked; that messages are only filtered through the appropriate national or international lists; and that fields for matching can be set to varying degrees of specificity, allowing banks to be as selective or as broad in their criteria as they would like. The solution simplifies and automates the bank’s compliance processes, ultimately lowering associated costs and reducing operational risk. It can be used as a stand-alone, in-house compliance filtering solution or integrated with Fundtech’s global payments and global cash management solutions. It can also be delivered through a SaaS model, further saving a bank time and money, and reducing risk.
Among the banks that have been successfully migrated to Fundtech’s new compliance solution is Migros Bank, a top ten bank in Switzerland, which anticipates the solution will provide a cost effective means to achieve compliance. “Using Global Compliance Plus, Migros Bank will be more compliant with anti-money laundering requirements than ever before, with fewer false positive and better filtering capabilities,” says Gérard De Peri, Head of Payments at Migros Bank. “At the same time we will minimize the high operation costs typically associated with achieving compliance.”
“Last September, Fundtech announced the launch of its new compliance filtering solution, Global Compliance Plus,” says Per Trifunovic, CEO of Fundtech’s BBP business unit. “We’re excited to enable our customers to save time and money by meeting compliance requirements, reducing false positives and eliminating false negatives.”
Fundtech offers a comprehensive line of transaction banking solutions to banks and corporations of all sizes around the world. As a strategic supplier, Fundtech’s customers benefit from lower operating costs and an enhanced end-user experience through integrated and feature-rich solutions. The firm’s major product lines include: global and regional payments, corporate cash and liquidity management, financial messaging, electronic invoice presentment, supply chain financing, remote deposit capture, merchant services, credit card gateway and mobile banking products. Fundtech offers its software through a traditional software license and a Software-as-a-Service (SaaS) contract. Thousands of financial institutions and companies worldwide rely on Fundtech’s innovation to improve operational efficiency, increase revenues, and provide greater competitiveness through business-to-business services. Founded in 1993, Fundtech was acquired in 2011 by GTCR, a Chicago-based private equity firm. For more information please visit www.fundtech.com.
Patrick Kilhaney, Public Relations & Analyst Relations Manager
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