Central Bank of Jordan Awards the Electronic Check Clearing Project to ProgressSoft

Amman, June 24, 2004

2004 was another milestone for ProgressSoft. ProgressSoft is proud to anounce that we were awarded another project for Electronic Cheque Clearing Solution in The Hashemite Kingdom of Jordan, endorsing that ProgressSoft remains the dominating -and only- force in the electronic image-based cheque clearing solutions. International contribution in the competition substantiate Progressoft's position among its counterparts on the domestic and international levels.

ProgressSoft was awarded the world's first project for the electronic image-based cheque clearing system by Qatar Central Bank. The system -called PS-ECC- went live as of February 16, 2003 on a countrywide level, expanding all the way to each teller at the branch level, and offering a T+0 value date. Manual clearing sessions were eliminated permanently, since then.

ProgressSoft has become the new household name in the banking industry, drawing new trends and establishing new paths for banks never taken before. The solution was the world's first solution to be exhibited by ProgressSoft in CeBIT 2002 and 2003 in Hanover-Germany creating a stir among banking delegates and executives attending the fairs. Many countries are now investigating the solution, and are growing more enthused with the impressive results of our experience.

PS-ECC is abundant with impeccable features that transform the current manual clearing process into a real time, user-friendly process to offer instant gratification to all stake holders; central banks (clearing houses) who will enjoy a zero administration process. Member banks will witness a huge slash off cumbersome expenses from the current labor intensive and time lagging system. In addition, account holders will now have their cheques cashed within minutes of depositing their cheques, or latest by next day. On a wider level, implementing PS-ECC will help boost the national economy.

ProgressSoft holds a boundless vision for PS-ECC, not only as a national solution for electronic cheque clearing, but as an international solution for electronic payment instrument clearing offering clearing facilities with major international banks including electronic cheque depositing and presentment facilities.