Fundtech, the electronic payments, settlement and cash management solutions provider, today announced that NIB Capital Bank (NIB) of The Netherlands is taking its payment process global with Fundtech’s electronic payment solution, PAYplus*. NIB Capital Bank in the Hague has extended the services, functionality, and user expertise of its local implementation of Fundtech’s PAYplus product to its agency branch network worldwide.
In 2001, NIB selected PAYplus to automate both its high and low value payments in the Netherlands as well as all multi-currency cross border traffic. It has since extended the solution’s processing capabilities to its branch network. This allows NIB to lower unit costs, through increased volumes and economies of scale, as well as effectively control and monitor NIB’s global payments flows.
NIB’s successful adaptation of PAYplus to its domestic electronic payment operations in the Netherlands prompted the bank to choose Fundtech’s innovative PAYplus solution when it came time to expand operations to London, the second vital office for the Bank. Additionally, the bank plans to begin processing payments for its Dutch Antilles branch by the end of 2002.
“Fundtech has allowed us to replace several payments systems with one global infrastructure that automates our payment processes in all locations,” said Han Joosten, Head of Payments and Settlements for NIB Capital Bank. “We are working with Fundtech to automate payment systems in our three key regions outside the Netherlands – London, Singapore and the Dutch Antilles.”
NIB Capital Bank realizes an additional benefit from the Fundtech solution by integrating PAYplus with the bank’s accounting system fulfilling NIB’s reporting and centralized monitoring requirements.
“In addition to giving NIB a global view of their payments activities, PAYplus improves customer service levels by decreasing the time it takes to process funds transfers and send notifications to clients,” said Joseph Mazzetti, EVP, President of Global Products and Operations, Fundtech.
NIB Capital Bank is a business unit of NIB Capital N.V., which is secured by its shareholders ABP and PGGM, two of the world’s largest pension funds.