Fundtech Ltd. has introduced TransactCentral, a J2EE component-based development platform for corporate electronic banking.
The system will be marketed primarily in Europe and Asia and is targeted to banks who desire a high degree of customization. Fundtech adds TransactCentral to its existing line of electronic banking systems that are currently deployed in more than 200 US banks.
As a development platform, TransactCentral can be customized and enables banks to quickly add components, resulting in new and unique services. Its rules-based architecture makes it possible for banks to offer highly customized services to its corporate clients. The platform also has other important features such as a payments gateway, advanced billing module, and the ability to create customisable workflows. TransactCentral offers private labelling, multi-lingual, multi-currency, and multi-bank/multi-office capabilities.
TransactCentral was developed by CashTech, an India-based financial technology organization acquired by Fundtech in the fourth quarter of 2004. Until now the platform was only available in Asian markets, where it is operational in seven major financial institutions, including Shinsei Bank in Japan and Bank Rakyat Indonesia. Fundtech is now introducing the product to other world markets, in particular Europe.
TransactCentral is built in Java (J2EE), has a Service Oriented Architecture (SOA) and is Web Services ready, allowing for easy integration into both the bank’s back office systems as well as enterprise resource planning (ERP) systems of corporate clients. Direct benefits include quicker time-to-market, and higher Straight Through Processing (STP) rates, resulting in more seamless services.