Fundtech Ltd., a transaction banking solutions, is expanding its SWIFT ServiceBureau into North America, making its full line of financial messaging and value-added services available to US financial institutions and corporations. This expansion builds upon Fundtechs leadership as the worlds largest SWIFT service bureau through its European operations centered in Zurich and London, where the company supports over 250 clients.
SWIFT services complements Fundtechs existing North American ServiceBureau products including wire transfers, ACH (Automated Clearing House) transactions, and cash management, to become the industrys most comprehensive Transaction Banking service bureau.
With the flourishing growth of global commerce amongst businesses of all sizes, and the introduction of IAT (International ACH Transactions), the need for SWIFT connectivity continues to increase, says Michael Sgroe, president and COO of Fundtech. Outsourcing to a service bureau eliminates the need to maintain and update an in-house connection, and offers banks many additional benefits including lower operating costs.
Fundtechs SWIFT ServiceBureau integrates seamlessly with back-office banking and corporate treasury management applications. It offers all SWIFT messaging functionality to manage file transfers, FIN messaging, MX messaging, and RMA. It provides access to SWIFTs FileAct service to efficiently exchange IAT files, and other types of files with SWIFT counterparties. In addition, Fundtech provides: high performance applications to check incoming and outgoing transactions in real-time against embargo lists; a wide range of reconciliation services; message transformation services; and data backup services.
This initiative opens the door for further collaboration between SWIFT and Fundtech by providing North American financial institutions and corporations easy access to the SWIFT global financial community, along with the full array of SWIFT utilities and standards.
D.C.