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April 6, 2009

Fundtech acquires InterSoftware

The acquisition expands its UK corporate payments customer base to 8,500

By CBR Staff Writer

Fundtech, a provider of banking softwares, has acquired InterSoftware, a provider of recruitment software systems, through its UK-based division Accountis Europe.

According to Fundtech, the acquisition expands its UK corporate payments customer base to 8,500, representing over one-third of all companies processing Bacs payments. These new customers are expected to benefit from having access to Accountis’s extensive range of electronic payment services, including electronic invoice presentment, said Fundtech.

Following the acquisition, InterSofware Bacstel-IP users will have access to a wider range of products and services in areas such as direct debit and credit management, remittance notification, fully automated enterprise payment workflow and electronic invoicing presentment and payment, added Fundtech.

It is reported that customers will be able to add features and streamline payment operations, while reducing costs. InterSoftware users that migrate to the Accountis web-based ASP service will be able to add any of these modules instantly without any change to their IT infrastructure.

Reuven BenMenachem, CEO of Fundtech, said: This acquisition significantly expands our corporate customer base, enabling us to provide a wide range of leading-edge payment services directly to corporates and via our existing banking channels. This move supports our long-term goal of being the premier provider for corporate FSC services to corporations and financial institutions globally.

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