Exhibit 99.1


Fundtech Contact:
Yoram Bibring
Fundtech Ltd.
Tel: 1-201-946-1100
yoramb@fundtech.com
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                                                         FOR IMMEDIATE RELEASE
                                                         ---------------------


            Fundtech Names Gideon Argov Chairman and Stanley B. Stern
                        Member of the Board of Directors



JERSEY CITY, N.J., -- July 22, 2003, -- Fundtech Ltd. (NASDAQ: FNDT), a leading
provider of global electronic payments, settlement and cash management
solutions, today announced that it has named Gideon Argov, Managing Director of
Parthenon Capital, Chairman of the Board of Directors of Fundtech. The company
also named Stanley B. Stern, Head of Investment Banking of C.E. Unterberg,
Towbin, to Fundtech's Board of Directors.

Mr. Reuven Ben Menachem who was CEO and Chairman will continue to serve as CEO
and director of Fundtech.

Prior to joining Parthenon Capital in 2001, Mr. Argov was Chairman, CEO and
President of Kollmorgen Corporation. Over a period of 9 years Mr. Argov
transformed Kollmorgen from an under-performing mini-conglomerate into a
successful global leader in industrial automation.

Prior to joining Kollmorgen, Mr. Argov was the CEO of High Voltage Engineering
Corporation, a leveraged buyout multi-location NYSE corporation engaged in
manufacturing medium-tech industrial products.



Mr. Argov received his BA Magnum Cum Laude in Economics from Harvard University
and was awarded his MBA from Stanford University in 1983.

Mr. Stern joined C.E. Unterberg, Towbin in 2002 as the Head of Investment
Banking. From 1981 - 2000 Mr. Stern was a partner with Oppenheimer & Co. Inc and
CIBC/Oppenheimer in a number of roles including Head of Technology Investment
Banking. From 2000-2002 he was Managing Director for the USA and a member of the
Board of Directors for STI Ventures, a global venture capital firm. He graduated
from City University of NY and Harvard University Graduate School of Business.

Mr. Argov and Mr. Stern will replace Mr. Meir Shannie and Mr. Yeoshua Agassi who
recently resigned from the Fundtech Board of Directors. Mr. Avi Fischer who
temporarily replaced Mr. Shannie on the Board of Directors, pending these new
appointments, also resigned from the Board of Directors.

"We are extremely pleased to have Mr. Argov and Mr. Stern join our Board of
Directors," said Reuven Ben Menachem, CEO of Fundtech. "I have asked to be
released from my duties as Chairman of the Board so that I can focus on the
growth strategy of the Company and, I believe that Mr. Argov's proven success
running and growing larger corporations and Mr. Sterns' extensive high-tech
background make them excellent additions to our team."

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 hundreds of 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.

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