Fundtech has implemented its global Payplus Liquidity Manager product in these commercial banks as part of the new real-time gross settlement regulation in Israel, introduced by the Central Bank of Israel on July 2007.
Fundtech’s solution enables banks to manage intraday liquidity in real-time, thus improving their ability to repay the exchange at day end. Additional benefits include the capability to control and centralize all liquidity management needs into one system.
Daniel Dotan, delivery channels applications manager for Iteam, a subsidiary of Mizrahi-Tefahot Bank, said: We selected Fundtech and successfully implemented Fundtech’s global payplus liquidity manager solution due to their leadership and market expertise in payments and liquidity management. The system allows us to automate the collection of transaction information; track liquidity positions from multiple systems and entities; and actively manage the flow of funds.
Michael Sgroe, president and COO of Fundtech, added: Fundtech has made progressive growth in the Israeli market in recent years as demonstrated by the addition of these 10 new banks. We will continue to serve the region by supplying comprehensive solutions and support to meet their growing demands.
