Philadelphia-based full-service commercial lender, Republic Bank, will leverage Fundtech’s solutions to fulfill corporate demand for integrated cash management, payment execution and compliance filtering with straight-through processing and end-to-end transparency.
Republic Bank will use a combination of Fundtech solutions, including cash management (CASHplus), wire payments (PAYplus Connect) and compliance filtering (Global Compliance Plus) to offer transaction banking services to its corporate customers.
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In addition, these technologies will enable the commercial bank to initiate and authenticate wire transfers, report to the Federal Reserve, record the transaction and provide confirmation to the client in real-time.
Fundtech has agreed to host these solutions in its data center, which will help it to trim down operational expenses and enhance data security, while eliminating the need for the bank to hire internal technical staff.
Republic Bank executive vice president and chief retail officer Rhonda Costello said: "In order to deliver a new level of productivity to our corporate customers, Republic Bank will be able to provide sophisticated payments and cash management capabilities.
"This solution brings added value and streamlined back office operations to our customers while increasing our market penetration."
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