Fundtech has set up a SWIFTNet Service Bureau in the US, where SWIFT penetration is much lower than in the rest of the world.Fundtech already operates the world’s largest SWIFTNet service bureau through its Swiss subsidiary BBP.
US banks will be able to outsource their SWIFTNet connection to Fundtech via software that enables application-to-application STP processing of SWIFT messages and connectivity to SWIFTNet. The software is called IGTplus.
In the US, Fundtech will operate its SWIFTNet connection point through its established ASP operation in Atlanta, Georgia, where it currently supports clients using its cash management and payments software.
Fundtech is focusing its marketing efforts on American banks that either currently have access to SWIFT through a correspondent bank but would rather use a non-bank partner; or banks that see the need for a SWIFTNet connection but have been unwilling to make the financial investment to operating it in-house.
“This move to the U.S. is a natural progression, following the success we’ve had with our European SWIFTNet ServiceBureau, currently the largest in the world,” says Mike Sgroe, Fundtech President and COO. “Our customers in the U.S. will benefit from the expertise gained servicing the 70 clients we already have. As part of our global expansion strategy, our goal is to continue to deliver an excellent service at all levels.”