i-flex® solutions and Fundtech Extend Relationship Collaboration Provides Best-ofBreed Payments Solution 01-Mar-05
NEW YORK, March 1, 2005 - i-flex solutions (Reuters: IFLX.BO/IFLX.NS), and Fundtech Ltd. (NASDAQ: FNDT), both leading providers of technology solutions to the global financial services industry, announced that they have signed a strategic marketing agreement to offer a total payment solution to financial institutions around the world. This agreement formalizes a working relationship that the companies have had for nearly five years while collaborating on complex payment system projects at major financial institutions. The primary benefit to customers resulting from this relationship will be the combination of Fundtech's Global PAYplus™ payments system with i-flex's PrimeSourcing™ professional services. Together the two companies are providing seamless sales and delivery of the leading high-end, high-performance payments systems with high quality implementation services and support. i-flex has more than 4,000 IT and financial services professionals with domain specialization in the banking and finance industry. i-flex's PrimeSourcing division services the entire bandwidth of IT needs including system integration, architecture design and analysis, interface development, integration, implementation and maintenance services. Fundtech markets Global PAYplus, a highly scalable web-based payment system that offers financial institutions the ability to reduce operating costs through consolidation and superior STP rates, while improving service to corporate clients through highly customized payment services. "Payments is a strategic requirement for financial institutions and upgrading systems in this space has been extremely costly and fraught with project risk. By combining Fundtech's Global PAYplus solution with i-flex's system integration expertise, we provide the world's leading financial institutions with a best-of-breed system and the capability to implement, enhance and support it professionally" said R. Ravisankar, Chief Executive Officer, International Operations, i-flex solutions
"We have worked along side of i-flex for many years and we are delighted to formalize our relationship," said Reuven Ben Menachem, CEO of Fundtech. "Our agreement with i-flex greatly expands our ability to successfully market and deliver Global PAYplus throughout the world because our partner can offer high-quality services and real-world implementation experience on a global scale," he added. About Fundtech Fundtech (www.fundtech.com) is a leading provider of software solutions that facilitate payments. The Company's products are designed to increase efficiency while enabling banks to better serve their corporate clients. Fundtech operates the world's largest SWIFTNet service bureau through its Swiss subsidiary bbp; and the company is the leading developer of CLS systems having been selected by 19 of the CLS Settlement Members Banks. Fundtech was established in 1993 and is a public company listed on the NASDAQ and the Tel Aviv Stock exchange. Fundtech Forward Looking Statement This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on Fundtech management's current expectations and are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, expected, estimated or projected. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: a downturn in the financial services industry and risks and other factors detailed from time to time in Fundtech's public filings, including its Annual Report on Form 20-F for the year ended December 31, 2003. Fundtech undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this Release or to reflect the occurrence of unanticipated events. About i-flex solutions i-flex® solutions (Reuters: IFLX.BO & IFLX.NS) ) is a world leader in providing IT solutions to the financial services industry. i-flex has serviced over 525 customers in more than 110 countries. i-flex's range of products and customized services enable financial institutions to cut costs, respond rapidly to market needs, enhance customer service levels and mitigate risk. i-flex has over 4,200 employees operating from 11 development centers across India, Singapore and the USA. The company has a strong global reach with a sales, marketing and support presence covering 22 overseas locations, including 4 subsidiaries (i-flex solutions inc. in the USA, i-flex solutions b.v in the Netherlands, i-flex solutions pte. ltd. in Singapore and SuperSolutions Corporation in the USA). In addition, i-flex is represented in over 50 countries through 30 corporate business partners. i-flex also has
strong alliance and/or implementation relationships with industry leaders such as Hewlett Packard, IBM, Intel, Microsoft and Oracle. For further information please visit: www.iflexsolutions.com Copyright © 2005 i-flex solutions. All rights reserved. FLEXCUBE, Reveleus, PrimeSourcing, DayBreak Lending Suite, and other i-flex products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of i-flex solutions limited in India and in several other countries all over the world. All other product and service names mentioned are the trademarks of their respective companies. For further information please contact: FUNDTECH PR George Ravich Tel: +1-201-215-6555 Email:
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