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April 8, 2009

Fundtech announces new features for US products

Focuses on risk management and improving automation

By CBR Staff Writer

Fundtech, a provider of transaction banking services, has announced a range of new features available in its US products that are reported to enhance risk management and compliance, extend process automation and add many customer-facing services.

According to the company, new PAYplus USA features improve the speed and accuracy of screening for sanctioned parties and provide additional automation, lowering operational costs. With the introduction of the payments and research archive center (PARC) module, financial institutions will have unmatched capability for research and investigations of payments, the company claims.

With the introduction of cash position worksheets, Fundtech said that its CASHplus now provides corporate users with an almost instant analysis of their cash positions across all of their banking relationships.

PAYplus USA has also been enhanced with a variety of automated features that is expected to speed processing, lowering operational costs and improving customer service: automated extraction and conversion of ACH payment files into wire transfers; automated alerts for managing the financial institution’s due from fed account and customer’s account for insufficient funds; a rules-based, real-time transaction threshold data monitoring and reporting feature, according to the company.

Brian Jou, executive vice president at Fundtech, said: We are continually expanding our product functionality so that banks can be better positioned for the future. We have focused on enhancing risk management and compliance, improving automation in order to reduce operating costs, and providing many added-value features that banks can use to improve customer service and increase service-fee revenue.

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