Fundtech has announced its 75th Swift for Corporates client, coal producer Walter Energy. The Jersey City banking software vendor began offering the service in 2005.
Walter Energy is a metallurgical coal producer for the global steel industry with operations in the United States, Canada and United Kingdom. As part of its international expansion, Walter Energy recently added several multi-country banking relationships, and as a result, needed a simpler method of connecting to these banks in order to transfer funds and obtain balance information.
According to a press release, Walter Energy's Swift connection through Fundtech's service bureau will provide this connection and help reduce operating costs and improve cash flow forecasting. By using SWIFT messaging standards, Walter Energy will have a consolidated bank communications channel that integrates with its ERP and treasury management systems.
Swift, the Society for Worldwide Interbank Financial Telecommunication, is a member-owned cooperative through which banking organizations and financial institutions exchange messages. Fundtech, through its Swiss subsidiary Biveroni Batschelet Partners AG of Baden, operates a large SWIFT service bureau and has more than 600 banks connected
