Fundtech (Nasdaq: FNDT)
announced today that Union Bank of California, N.A., has selected Fundtech Banker to deliver web-enabled Automated Clearing House (ACH) services to its business customers. No value was disclosed. Yesterday, Fundtech announced that Overseas Union Bank, Singapore's fourth largest bank, would implement Fundtech's PAYplus RTGS electronic payments solution.
Fundtech said that its ACH solution will give Union Bank of California's customers full cycle ACH services via the Internet, from origination of all ACH payment types, to delivery of payment files to the bank for processing, to automatic receipt of incoming ACH advice data. Fundtech Banker will integrate with the bank's existing Internet cash management infrastructure, enabling single sign-on to information reporting, wire initiation and ACH services.
With $33.7 billion in assets, Union Bank of California is the third largest commercial bank headquartered in California. It is the primary subsidiary of UnionBanCal Corporation, which was ranked the 34th largest originator of ACH payments, Year 2000, by the National Automated Clearing House Association.
Union Bank of California senior product manager Valjean Sanchez noted, “With such a large ACH transaction volume, ACH is a mission critical service for us,”
Fundtech chairman and CEO Reuven Ben-Menachem said, “Our Fundtech Banker solution will help Union Bank attract new business and strengthen relationships with existing customers.”
Fundtech is a developer of e-payments and e-banking software solutions. Its shares closed yesterday at $8.47.
Published by Israel's Business Arena on 31 May, 2001