Allied Irish Bank of Dublin will use Fundtech Ltd.'s Payplus real-time gross settlement software.

The contract, worth about $1 million, should help prepare Allied Irish for the phased introduction of the single European currency, the euro, starting in January.

"Payplus RTGS will deliver a key component in our investment strategy and give AIB a technologically advanced payment processing engine," said John Conway, payment team project leader in AIB Capital Markets.

"We are pleased that AIB has chosen Payplus RTGS to meet the significant challenges facing the banking industry over the next several years, such as the euro, real-time gross settlement, and year-2000," said Joe Mazetti, Fundtech's executive vice president of sales and marketing.

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