Fundtech, a provider of global transaction banking solutions, is expanding its Swift ServiceBureau into North America, making its full line of financial messaging and value-added services available to US financial institutions and corporations.
The expansion builds upon Fundtech’s role in the Swift service bureau through its European operations centered in Zurich and London, where the company supports over 250 clients.
Swift services complements Fundtech’s existing North American ServiceBureau products including wire transfers, automated clearing house (ACH) transactions, and cash management, to become the the comprehensive transaction banking service bureau.
The initiative opens the door for further collaboration between Swift and Fundtech by providing North American financial institutions and corporations access to the Swift global financial community, along with the full array of Swift utilities and standards.
Michael Sgroe, president and COO of Fundtech, said: “With the flourishing growth of global commerce amongst businesses of all sizes, and the introduction of IAT (International ACH Transactions), the need for Swift connectivity continues to increase. Outsourcing to a service bureau eliminates the need to maintain and update an in-house connection, and offers banks many additional benefits including lower operating costs.
“We are expanding our Swift ServiceBureau into the North American market in order to globalize one of Fundtech’s core lines of business, and bolsters our worldwide leadership position in Swift messaging. This contributes to our corporate strategy of growing our services business by offering additional capabilities through our service bureaus around the world.”