Fundtech Ltd., a leading provider of e-payments and Internet banking solutions, announced Wednesday that Telebank, the nation’s leading and largest pure-play Internet bank, has selected Fundtech’s e-payment product, FEDplu$, as part of its funds transfer platform. This solution will streamline Telebank’s electronic payment process, automating the flow from point of origination, to the bank and on to the Federal Reserve Bank.
“We selected FEDplu$ because the automated application is a great way for Telebank to continue reducing our consistently low operating costs so we can pass even greater savings back to our customers,” stated Mitchell H. Caplan, President and CEO of Telebank. “The functionality, ease of use, security and scalability of the FEDplu$ technology provides Telebank with a strong platform that supports our consistent and aggressive growth as a leader in the Internet banking sector.”
Currently used by approximately 150 banks, FEDplu$ is North America’s most widely used client/server based funds transfer system. FEDplu$ is a mission critical application which features an intuitive user interface, superior throughput performance, automated compliance with Treasury regulations, platform and database independence and full Internet functionality.
“Banks like Telebank are built on innovation and creativity. Telebank’s selection of FEDplu$ reflects Fundtech’s leadership in e-payments technology,” said Reuven Ben-Menachem, Fundtech’s Chairman and CEO. “We believe that our Internet-enabled e-payments solution is a logical choice to help Telebank maintain and extend its leadership in the provision of Internet banking services.”
Telebank is the nation’s leading and largest pure-play Internet bank and the first pure-play Internet bank in the U.S. to surpass the industry milestone of $2 billion in customer deposits. Telebank is the only pure-play Internet bank to be ranked among the top 40 federally chartered U.S. savings banks based on both assets and deposits.
Pending shareholder and regulatory approval, Telebank is positioned to become part of the first pure-play e-commerce company in the financial services sector – combining banking and brokerage services – through a definitive merger agreement with E*TRADE, a global leader in online investing.
Telebank is a wholly owned subsidiary of Telebanc Financial Corporation (NASDAQ: TBFC), providing high value financial products and services to customers in all 50 states through low-cost electronic delivery platforms, including the Internet, telephone, facsimile and ATM focusing increasingly on the Internet. Telebank has been ranked number-one by bankrate.com in their nationwide annual checking survey and has been selected one of the top fifty fastest growing Internet companies by Worth magazine. At September 30, 1999, Telebank had nearly $4.0 billion in assets, more than more than $2.0 billion in deposits and 100,000 customer accounts. Telebank can be accessed at [www.telebank.com] or 1-800-TELEBANK.
Fundtech is a leading provider of software solutions that facilitate e-commerce and e-banking by enabling businesses and their banks to electronically manage cash, process payments and transfer funds. The Company’s client/server and Internet software products automate the process of transferring funds among corporations, banks and clearance systems and enable businesses to manage global cash positions efficiently and in real-time. Its solutions have been sold to more than 650 financial institutions around the globe.