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Fundtech Provides Insight Into Reducing the Risk and Cost of Payments Compliance for Banks

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JERSEY CITY, N.J., March 27, 2014 (GLOBE NEWSWIRE) -- Fundtech, a market leader in global transaction banking solutions, today released a white paper titled "Reducing the Risk and Cost of Payments Compliance for Banks." It outlines best practices to help banks comply with the global patchwork of anti-money laundering (AML) regulations and mitigate the risk of compliance breaches, while maximizing automation, efficiency, and straight-through-processing.

Money laundering poses an enormous and increasing threat to banks' financial well-being, ability to comply with regulation, and reputation. Despite record spending on AML compliance systems, most transactions highlighted as suspicious turn out to be "false positives" that lead to even greater costs and workload within banks. Best practice to minimize false positives and achieve compliance goals can be broadly divided into three areas: know your customers, know your transaction, and know your process.

"By following best practices, banks can achieve compliance at a reasonable cost," says Marco Lauber, Senior Vice President, Global Presales at Fundtech and co-author of this white paper. "But in a world of increasingly savvy criminals and rapidly changing regulation, the challenge becomes staying compliant. Banks must remain vigilant, and select a technology partner that will keep them on the leading edge of managing regulatory risks."

To download a complimentary copy of this Fundtech white paper, please visit: http://www.fundtech.com/library/white-papers/.

About Fundtech

Fundtech offers a comprehensive line of transaction banking solutions to banks and corporations of all sizes around the world. As a strategic supplier, Fundtech's customers benefit from lower operating costs and an enhanced end-user experience through integrated and feature-rich solutions. The firm's major product lines include: global and regional payments, corporate cash and liquidity management, financial messaging, electronic invoice presentment, supply chain financing, remote deposit capture, merchant services, credit card gateway and mobile banking products. Fundtech offers its software through a traditional software license and a Software-as-a-Service (SaaS) contract. Thousands of financial institutions and companies worldwide rely on Fundtech's innovation to improve operational efficiency, increase revenues, and provide greater competitiveness through business-to-business services. Founded in 1993, Fundtech was acquired in 2011 by GTCR, a Chicago-based private equity firm. For more information please visit www.fundtech.com.

CONTACT: Press Contacts: Patrick Kilhaney Public Relations & Analyst Relations Manager, Fundtech +1 201 215 6524 patrick.kilhaney@fundtech.com Kevin Maher - Cognito +1 646 395 6304 kevin.maher@cognitomedia.com

Source:Fundtech Ltd.