Colorado Capital Bank (Castle Rock, Co.) has selected Fundtech's (Jersey City, N.J.) CASHplus cash management system.
The bank has been live with Fundtech's PAYplus USA wire transfer system since 2007, and will now have an end-to-end corporate banking system provisioned from Fundtech's ASP operations center in Atlanta, Georgia.
Colorado Capital Bank's decision to upgrade its corporate banking services comes at an opportune time for community banks, as their large-bank competitors deal with recent mergers and are preoccupied with the current credit crisis.
Patricia Hines, research director at TowerGroup commented: "Despite the challenging environment in the global banking industry, global transaction and cash management businesses continue to perform well, with double-digit revenue growth seen in 2008. TowerGroup believes that this growth trend will continue, given continued strength in cross-border trade and overall growth in payments volumes. This opportunity applies not only to the largest global players, but also to mid-tier and community banks as more middle market and small businesses look to take advantage of opportunities in global markets."
Fundtech currently supports more than 30 clients in its operations center in Atlanta, and is the world's largest SWIFT service bureau operator (measured by daily transaction volume) through its operations centers in Switzerland and the United Kingdom.