Fundtech Ltd. (NASDAQ: FNDT), a market leader in global transaction banking solutions, and mobile commerce enabler Firethorn Holdings, LLC, a Qualcomm company (NASDAQ: QCOM), announced today that the two companies will work together to add mobile connectivity to Fundtech’s CASHplus cash management system. As demand for mobile financial services grows, financial institutions have begun to realize the untapped opportunities to remain competitive and increase customer loyalty through mobile commerce.
The effort will leverage Firethorn’s mobile commerce platform, enabling CASHplus users to view account details, transfer funds and initiate bill payments. With this solution, corporate finance executives will have the ability to stay current with their banking and make time-sensitive decisions on the go. Fundtech plans to fully integrate Firethorn’s technology into the CASHplus system, ensuring ease-of-use.
“Firethorn is excited to collaborate with Fundtech to expand our mobile platform to business users,” said Firethorn Chief Executive Officer Tripp Rackley. “Our easy-to-use, scalable solution will allow executives to make important financial decisions simply and securely, and at a moment’s notice.”
The Firethorn application also provides multiple levels of security, including PIN authorization and lockout, which disables access if the phone is lost or stolen; data encryption; two-factor authentication and security via the Secure Sockets Layer (SSL) protocol.
According to Brian Jou, executive vice president of global product for Fundtech: “We selected Firethorn because of their wide distribution among mobile operators, which ensures the largest number of business users will have access to their time-critical banking information and services.”
“Together with Fundtech, we look forward to exploring and serving this new market of business customers,” added Rackley. “Firethorn’s forward-looking strategy for mobile commerce and Fundtech’s leading software development capabilities will help ensure the success of the mobile channel for numerous financial institutions and business units.”
Fundtech (NASDAQ: FNDT), was founded in 1993, and is a leading provider of software and services to banks of all sizes around the world. Payments systems include wire transfers, ACH origination, cross-border payments and remittance. Cash management systems are designed for large corporate through small business clients. Fundtech is a leader in SWIFT services, operating one of the world's largest SWIFT service bureaus in the world. We offer an extensive line of financial supply chain applications including electronic invoice presentment and supply trade financing. And we are the leading provider of CLS systems to the world's largest banks. More than 750 clients throughout the world rely on Fundtech solutions to improve operational efficiency and provide greater competitiveness through innovative business-to-business services. For more information, visit www.fundtech.com.
Firethorn Holdings, LLC, a Qualcomm company (Nasdaq:QCOM), is the mobile commerce enabler supported by the nation's leading financial institutions and wireless carriers. Firethorn provides a single, secure, certified application embedded on select wireless handsets, which enables financial institutions and merchants to deliver branded services to consumers via the mobile device; wireless operators to deliver consumer-convenient, mass-market applications to subscribers; and mobile device users to access and add multiple financial relationships with one password. For more information on Firethorn, visit http://www.firethornmobile.com.
Forward Looking Statements:
This news release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, projections of revenues, income or loss, capital expenditures, plans for growth and future operations, competition and regulation. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted or quantified. When used in this Release, the words, "estimates," "expects," "anticipates," "believes," "plans," "intends," and variations of such words and similar expressions are intended to identify forward-looking statements that involve risks and uncertainties. Future events and actual results could differ materially from those set forth in, contemplated by or underlying the forward-looking statements. The factors that could cause actual results to differ materially from those discussed or identified from time to time in Fundtech's public filings, including its Annual Report on Form 20-F for the year ended December 31, 2007, including general economic and market conditions, changes in regulations and taxes and changes in competition in pricing environment. Undue reliance should not be placed on these forward-looking statements, which are applicable only as of the date hereof. Fundtech undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this Release or to reflect the occurrence of unanticipated events.