JERSEY CITY, N.J., Feb. 12, 2013 (GLOBE NEWSWIRE) -- Fundtech, a market leader in global transaction banking solutions, today announced that PNC will offer seamless foreign exchange (FX) transaction processing through Fundtech's United States (US) federal wire system. Banks using Fundtech's PAYplus USA will now be able to offer their commercial clients the convenience of integrated real-time FX payment processing using PNC Bank as their correspondent.
By consolidating both domestic and foreign payments processing into a single workflow, banks and their clients will gain greater control. Investigations and research will be streamlined, taking less time and providing more thorough results.
Banks and their clients will receive dynamic real-time FX rates from PNC that are competitive with up-to-the-minute exchange pricing. Confirmations and Regulation E (via the Electronic Fund Transfer Act) disclosures will be provided through the integrated systems, making it easier for financial institutions to comply with these regulatory changes.
Commenting on the agreement, Gus Karris, Managing Director of Foreign Exchange at PNC, states: "Integrating our real-time FX processing with Fundtech's PAYplus USA is a win-win for both companies and an important benefit to banks that use the combined system. PNC's global reach, competitive FX rates and dedicated customer service ensure that banks using the system will receive world-class service."
Also commenting on the agreement, Mary Ellen Putnam, Executive Vice President of Fundtech, said: "As global trade continues to grow in importance among businesses of all sizes in the US, the need for foreign transactions is also expanding. Integrating PNC's FX service with PAYplus USA ensures that banks of all sizes can offer their clients convenient, reliable and competitively priced FX services."
Fundtech offers a comprehensive line of transaction banking solutions to banks and corporations of all sizes around the world. As a strategic supplier, our clients benefit from lower operating costs and an enhanced end-user experience through our integrated and feature-rich solutions. Our major product lines are: 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. We operate Fundtech Connect, one of the world's largest services bureaus that addresses the unique needs of the financial services industry. 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
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About PNC Financial Services Group
PNC is a registered mark of the PNC Financial Services Group, Inc. (PNC) (www.pnc.com) which is one of the nation's largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. Banking and lending products and services and bank deposit products and investment and fiduciary services are provided by PNC Bank, National Association, a wholly owned subsidiary of PNC and Member FDIC. Certain fiduciary and agency services are provided by PNC Delaware Trust Company. Capital markets activities are conducted by PNC through its subsidiaries PNC Bank, National Association and PNC Capital Markets LLC. Services such as public finance advisory services, securities underwriting, and securities sales and trading are provided by PNC Capital Markets LLC. PNC Capital Markets LLC is a registered broker-dealer and member of FINRA and SIPIC. Foreign exchange and derivative products are obligations of PNC Bank, National Association. PNC does not provide legal, tax or accounting advice. Lending products and services, as well as certain other banking products and services, require credit approval.