JERSEY CITY, N.J., April 30, 2013 (GLOBE NEWSWIRE) -- Fundtech, a market leader in global transaction banking solutions, today announced that 1st Source Bank, an early adopter of CASHplus® Version 3.8, has experienced improved client relationships and streamlined cash management services after going live with the Fundtech solution. 1st Source Corporation, parent company of 1st Source Bank, has assets of $4.55 billion and is the largest locally controlled financial institution headquartered in the Northern Indiana/Southwestern Michigan area.
A longstanding client of Fundtech with 76 banking centers in 17 counties, 1st Source Bank rolled out CASHplus Version 3.8 to strategically support the company's expanding cash management priorities. Specifically designed to address the particular needs of regional and national U.S. banks, CASHplus delivers a turnkey solution that centralizes and consolidates a bank's cash management business on a single platform.
According to Andrea Smiddy-Schlagel, Vice President of Cash Management Services Manager at 1st Source Bank, CASHplus enables the bank to supply custom cash management service offerings to its commercial, small and micro business customers. The ability to create these tailored offerings allows the bank to provide scalable solutions that can grow with clients and address their individual needs. 1st Source Bank has a foundation of back-end processes now that can adapt to customer evolution. Also, CASHplus serves as a gateway through which the bank can offer more bundled services.
"Our bank has a longstanding relationship with Fundtech and has used many of the company's products over time. The latest version of CASHplus, 3.8, is by far the best Fundtech has ever delivered," explains Smiddy-Schlagel. "The company has made a concerted effort to listen to its user banks, vet priorities with the user group, release on a regular schedule and deliver beyond our expectations. This version includes some significant changes that we didn't even realize we needed until testing the system. We can see that the groundwork is here to achieve the roadmap items they have discussed and we are excited to present these easily usable features to our end users."
Mary Ellen Putnam, Executive Vice President of Fundtech, says, "Our newest version of CASHplus provides an improved user experience that includes revised entry screen layouts, an upgraded account transfer option and simplified permission assignment for profiles, among other features. CASHplus offers essential functionality through innovative technology. We are pleased to see the positive impact that the highly scalable solution is having on 1st Source Bank's customer relationships and look forward to further collaborating with the bank to facilitate additional growth."
Fundtech is the leading provider 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. 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. Our 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. We are also the world's largest service bureau operator. Fundtech offers its software through a traditional software license and as Software-as-a-Service (SaaS). Founded in 1993, Fundtech was acquired in 2011 by GTCR, a Chicago-based private equity firm. For more information please visit www.fundtech.com.