Central Bank of Jordan Signs with ProgressSoft the Electronic Check Clearing Contract

Amman, December 22, 2004

The Central Bank has chosen a partner that possesses the solution, the technical and business expertise for a project of such magnitude. ProgressSoft's Electronic Image-Based Cheque Clearing Solution dubbed as PS-ECC, will be the backbone of the entire cheque clearing process in the Hashemite Kingdom of Jordan.

As of this moment the Jordanian banks will be engaged in a smooth transition from a manual to fully automated & electronic cheque clearing process, starting with professional business process reengineering, customization, deployment, systems integration, staff training, acceptance and ongoing support plan, all conducted and supervised by certified professionals and project managers.

PS-ECC comprises a long list of benefits and advantages for banks, their clients and the country as a whole. By the time PS-ECC goes live account holders will have their cheques cashed rapidly enabling them to manage their funds more efficiently and banks will reduce costs and generate revenues. On a wider level, PS-ECC will help boost the national economy and raise the GDP according to international studies.

ProgressSoft has become the new household name in the banking industry, drawing new trends and establishing new paths banks never taken before. The solution was the world's first to be introduced in international banking and financial exhibitions and conferences causing a stir among banking delegates and executives.

Jordan placed itself two steps ahead adopting this advanced solution, opening a world of new services and opportunities, by digitizing the exhausting and cumbersome process of manual cheque clearing.