HSBC Selects Fundtech Global PAYplus
January 11, 2005

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Fundtech is a 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.

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HSBC Group, one of the largest banking and financial services organisations in the world, has selected Fundtech's Global PAYplus for its global payments platform, for both high-value and cross border low-value payments processing worldwide. The platform is expected to deliver improved service and significant savings in operating costs to HSBC Group through the replacement of multiple payment systems currently in use throughout the Group.

"Moving to a single platform not only improves our operating efficiencies, it also enables us to enhance the service we provide to customers and continue to grow our global payments business. This investment will ensure that HSBC stays at the forefront of the payments business", said Bob Murphy, Senior Vice President for Global Payments at HSBC.

"We chose Fundtech because they have a comprehensive and flexible payments product based on modern technologies", said Bandula Wijesinghe, Senior Vice President who heads up the Payments transformation program at HSBC.

"The launch of HSBC's global payments platform will be an outstanding accomplishment for both Fundtech and HSBC. We look forward to working with our partners at HSBC in order to develop a system that will help transform the payments industry", commented Michael Sgroe President and COO of Fundtech.