, July 13, 2005 -
JERSEY CITY, N.J., Jul 13, 2005 (BUSINESS WIRE) -- Fundtech Ltd. (NASDAQ: FNDT), a leading provider of end-to-end corporate banking systems and services, today announced the results of a live interactive survey taken at its recent US Client Conference. Attending the conference in Tucson, AZ, were 135 banking executives representing 72 national and regional banks from around the United States.
One of the key findings of the survey is the extent to which regulation and compliance has become banker's top concern. Among those surveyed, 30% said that compliance was their most significant business challenge. This compares to 20% who rated "growth" and 11% that rated "cost reduction" highest. Further to these results, 61% said that the new Sarbanes-Oxley regulation has vastly changed their operating procedures. This is directly reflected by 69% of respondents saying that they have internal compliance audits 1-2 times per year, while 28% have them 3 or more times per annum.
Other key findings:
-- 64% said that wire initiation is the service that generates the highest revenue for their bank, when compared to other typical treasury management services such as "positive pay", "ACH" and "stop payment."
-- 75% said that they are getting a significant amount of competition in their market from global banks.
-- 75% said that their management allows 24 months or longer to reach an ROI on large capital investments.
Mike Sgroe, Fundtech's president and COO, commented: "Our annual Client Conference in the US is a key event for Fundtech, as it enables us to better understand our customers' opinions on industry challenges and trends. By sharing these with us, our customers allow us to work on solutions that truly answer the issues they're facing."
About Fundtech
Fundtech (www.fundtech.com) is a leading provider of software solutions and services that facilitate payments, settlement and cash management by enabling businesses and their banks to electronically manage cash, process payments and transfer funds. The Company's products are designed to increase efficiency while enabling banks to better serve their corporate clients. Fundtech operates the world's largest SWIFTNet service bureau through its Swiss subsidiary bbp; and the company is the leading developer of CLS systems having been selected by 20 of the CLS Settlement Members Banks. Fundtech was established in 1993 and is a public company listed on the NASDAQ and the Tel Aviv Stock exchange.
Forward Looking Statements:
This news release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, projections of revenues, income or loss, capital expenditures, plans for growth and future operations, competition and regulation. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted or quantified. When used in this Release, the words, "estimates," "expects," "anticipates," "believes," "plans," "intends," and variations of such words and similar expressions are intended to identify forward-looking statements that involve risks and uncertainties. Future events and actual results could differ materially from those set forth in, contemplated by or underlying the forward-looking statements. The factors that could cause actual results to differ materially from those discussed or identified from time to time in Fundtech's public filings, including its Annual Report on Form 20-F for the year ended December 31, 2004, including general economic and market conditions, changes in regulations and taxes and changes in competition in pricing environment. Undo reliance should not be placed on these forward-looking statements, which are applicable only as of the date hereof. Fundtech undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this Release or to reflect the occurrence of unanticipated events.