The Jersey City banking software company Fundtech Ltd. has signed four new bank customers for its cash management software.
FNB Corp. of Christiansburg, Va., and Manufacturers Bank of Los Angeles will use its CASHplus cash management software, Fundtech said last week. In addition, M&T Bank Corp. of Buffalo and TexasBank of Fort Worth will use CASHplus in conjunction with Fundtech's PAYplus wire transfer system.
George Ravich, Fundtech's chief marketing officer, said Tuesday that the four banking companies "all wanted to either get into or enhance their business banking capabilities."
Many banks buy cash management software from one vendor and payment systems from another, Mr. Ravich said. "What happens then is that there is no common infrastructure and it is harder to integrate them," he said. "Banks are now seeing the value of having a single provider do both pieces."
