SEB Selects Fundtech's PAYplus for CLS Solution; Fundtech Continues to Capture CLS Market Share...

Business Editors

JERSEY CITY, N.J.--(BUSINESS WIRE)--Sept. 24, 2002

Fundtech Ltd. (NASDAQ: FNDT) the largest provider of CLS(TM) solutions to the banking industry announced today that SEB (Skandinaviska Enskilda Banken), headquartered in Stockholm, Sweden, has selected its PAYplus

SEB becomes the 18th CLS Settlement Member bank to select Fundtech's PAYplus for CLS software. Fundtech's CLS solution will allow SEB, to manage its CLS operation and obligations to the CLS Bank, as well as to offer third-party services via the PAYplus for CLS solution.

As a settlement member SEB has a multi-currency account with CLS Bank and can submit settlement instructions directly to CLS Bank and receive information on the status of their instructions. SEB will use the PAYplus for CLS solution to interface to the new Continuous Linked Settlement (CLS) Bank for settlement of foreign exchange (FX) trades. CLS Bank, which went live earlier this month with the world's leading foreign exchange trading banks, is set-up to eliminate settlement risks that are associated with foreign exchange trades.

PAYplus for CLS provides an integrated solution for CLS Settlement Members to process their own transactions as well as to offer FX settlement services to User Members and Third Parties. PAYplus for CLS supports straight-through processing by interfacing to internal bank systems and automating the entire transaction workflow - from trade matching, to funding, to payment scheduling - while providing powerful tools for risk management and forecasting.

About SEB

SEB is a European financial group for companies and private individuals. SEB has a total of 675 branch offices in Sweden, Germany and the Baltic countries and a total of 4 million customers, including 1 million Internet clients. SEB Group has SEK 1,163 billion in total assets and SEK 871 billion in assets under management. The Group has 20,800 employees. Read more about SEB at www.seb.net

About Fundtech

Fundtech (www.fundtech.com) is a leading provider of software solutions and services that facilitate payments, settlement and cash management by enabling businesses and their banks to electronically manage cash, process payments and transfer funds. The Company's client-server and Internet software products automate the process of transferring funds among corporations, banks and clearance systems and enable businesses to manage global cash positions efficiently and in real-time. Its solutions have been sold to more than 750 financial institutions around the globe.

Forward Looking Statements:

Statements included in this Release may contain forward-looking statements. Such forward-looking statements are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may relate, but are not limited, to projections of revenues, income or loss, capital expenditures, plans for growth and future operations, competition and regulation as well as assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted or quantified. When used in this Release, the words, "estimates," "expects," "anticipates," "believes," "plans," "intends," and variations of such words and similar expressions are intended to identify forward-looking statements that involve risks and uncertainties. Future events and actual results could differ materially from those set forth in, contemplated by or underlying the forward-looking statements. The factors that could cause actual results to differ materially from those discussed or identified from time to time in Fundtech's public filings, including general economic and market conditions, changes in regulations and taxes and changes in competition in pricing environment. Undo reliance should not be placed on these forward-looking statements, which are applicable only as of the date hereof. Fundtech undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this Release or to reflect the occurrence of unanticipated events.