JERSEY CITY, N.J., July 22, 2009 (GLOBE NEWSWIRE) -- Fundtech Ltd. (Nasdaq:FNDT - News), a market leader in global transaction banking solutions, today announced the results of a recent mass payments benchmark test conducted in Sun Microsystems' Solution Center located in Manchester, UK. Fundtech's Global PAYplus processed 10 million payments per hour, while demonstrating linear scalability, with sustained system throughput. The benchmark incorporated complete transaction processing of batches of direct debit and credit transfer payments replicating a real banking environment including simulated host systems. Extrapolating these results, Sun and Fundtech conclude that the system is capable of handling over 50 million payments per hour.
While financial institutions are seeking ways to reduce cost, complexity and risk in their payments business, these benchmark results provide proof that payment hubs are a viable strategy to address these goals. Global PAYplus is able to handle complex SEPA and other domestic and cross-border payments with high STP rates; it is also able to efficiently process the large volumes associated with mass payments for global banks.
According to Dave Hallett, Sun Solution Benchmark Manager, "The Global PAYplus application showed optimal performance. Specifically we noted good linear vertical and horizontal scalability with almost 100% user CPU utilization."
According to Joseph Mazzetti, Fundtech's Executive Vice President, "These grueling benchmark tests demonstrate that Global PAYplus is the most flexible and scalable solution, able to handle the volume needs of the world's largest financial institutions. Our benchmark simulated the highly complex environment that a global payments system operates within -- and it was able to achieve tremendous volume throughput and scalability."
About the Benchmark Test
The benchmark test, conducted in March, was designed to emulate payment processing scenarios at large global banks, supporting over 250,000 customer records with Full BICplusIAN files loaded and an active database of 70+ million payments. Four tests were conducted: Sustained Throughput; Soak Test; Scalability; and Latency. Transactions tested were a combination of book transfers, credit transfers, and direct debits. The test was conducted on Sun M5000's, using Solaris 10, Oracle 10g Rel.2 and MQ Server 6.0.2.2.
The Sun Solution Center hosts more than 4,000 customer engagements annually. It brings together the experience, expertise, and leading edge technology of Sun and its partners in a state-of-the-art test lab environment.
Rik De Deyn, Head of Payments Solutions at Sun added, "This is an excellent example of a mutually beneficial partnership. Our customers benefit from our payments technologies working superbly together. It's proof that it is possible to combine high-value payments functionality with low-value volumes. We will work with Fundtech to deliver their solution to many of the world's leading banks."
About Fundtech
Fundtech (Nasdaq:FNDT - News) 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 operates the world's largest SWIFT service bureau. We offer an extensive line of financial supply chain applications including electronic invoice presentment and supply chain financing. And we are the leading provider of CLS systems to the world's largest banks. More than 1,000 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.
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. Undo 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.
Metia Inc.
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Chanda Gathani
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Ashleigh Egan
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Brodeur India
Praveen Nagda
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Fundtech Ltd.
George Ravich
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george.ravich@fundtech.com
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