Fundtech plans to enter European market

Cash management solutions provider Fundtech India Ltd has planned a strong foray into European banking sector. The Pune-based company has already struck deals with 12 Asian banks and one European bank for its Global CashPlus product and plans to have 18 to 20 international banks under its belt by March 2010.

Fundtech has already signed a contract with a large multi-national bank from Greece while Barclay's Bank-India has extended its deal for Indonesia.

Fundtech is also looking at banks from Germany, Switzerland, Italy and France to sign cash management solutions contracts.

Speaking to Business Standard, Fundtech India Ltd CEO Sanjay Dalmia said, "Japan and Europe are the most advanced markets when it comes to implementation of on-line cash management solutions. Banks in these countries are constantly upgrading their systems and services, where in we find a huge market for our product Global CashPlus."

Fundtech India has HDFC bank as its customer in India and it manages more than 10 lakh on-line transactions for the bank in a day during peak periods. "Indian nationalised banks are going slow in on-line cash management. We are presently doing on-line transactions worth Rs 4,000 to Rs 5,000 crore every day across our client base. We have a strong base in Asia and the next destination is Europe," Dalmia added.

Fundtech's Global CashPlus has five clients in Thailand and a client each in Malaysia, Philipines, Indonesia and few other countries. "We are looking at signing three major contracts within near future. All of these would be in Europe. By March 2010, we plan to have total client base of 18 to 20 for Global CashPlus," he added.