ProgressSoft and Central Bank Celebrate the Launch of Electronic Check Clearing in the Hashemite Kingdom of Jordan

Amman, March 9, 2005

The Central Bank of Jordan awarded the Electronic Check Clearing contract to ProgressSoft in June 2004 on behalf of the banking body in the country, making Jordan the second country to adopt such a solution worldwide. Consequently, the Jordanian Banking body will be entitled to superior upgrade to its current check clearing routine. This upgrade ensures the deposit of the check's amount in the account of the beneficiary within the same date of deposit, thus improving the level of services provided by banks.

According to ProgressSoft's General Manager, Mr. Lame Shaban, "the Electronic Check Clearing System will slash off cumbersome expenses associated with the manual and automated clearing systems, and offers better fund management for people and businesses. Furthermore, this innovational solution will reduce returned checks and check fraud losses that are accelerating at a significant rate, taking into notice the research conducted by the American Bankers Association, which have shown that check fraud losses can be reduced by more than 95% through Electronic Check Clearing. "

In addition to honoring the event with his attendance, His Excellency Mr. Faris Sharaf, the deputy Governor of the Central Bank of Jordan, confirmed during in his speech the need for enriching the financial sector with the most sophisticated technical solutions, which would have a positive effect on the whole sector and on all citizens.

PFurthermore, ProgressSoft had the privilege in the presence of its renowned partner; The American Hewlett Packard "HP". Mr. Joe Lott, the Director of Finance from Hewlett Packard, explained that HP, besides maintaining a dominant position in the area of payments, was trying to build business solutions by picking partners; HP was searching for a company that possesses the best Electronic Check Clearing System that offers all essential authenticity and security requirements. "We found all this present in ProgressSoft's solution" he concluded. "This system, that enabled instant clearing by electronically scanning the checks, leaded us to ProgressSoft, and in turn resulted in a technological partnership, a first of its kind in the region, of which we are proud." America's Hewlett Packard is now marketing ProgressSoft's electronic check clearing solution around the globe. This partnership according to ProgressSoft ensures that their technology is revealed in a high performance environment. According to Michael Wakileh, Business Development Manager of ProgressSoft, "We look forward to continuing to grow our partnership with HP which brings to the world leading technological solutions. Together with HP, we believe that PS-ECC will be poised to winning the European & American market."

Established in 1989, ProgressSoft is the first software development company in Jordan. Striving to propose the high performance to financial and banking sectors, ProgressSoft introduced the first electronic image-based check clearing worldwide and the first signature verification system in the region. ProgressSoft's solutions are installed and distributed worldwide through an extensive banking network. For since the beginning, ProgressSoft has taken pride in providing customers with exceptional care and highest quality solutions.

Dareen Alkhas
Marketing Executive
[email protected]
Dir Tel: +962-6-5623 000 Ext: 211