ProgressSoft Completes Phase 1 of the Electronic Check Clearing Project in the Central Bank of Oman

Muscat, May 10, 2008

As six months have passed since signing the contract with the Central Bank of Oman to deploy a nation-wide electronic check clearing solution for the Sultanate, ProgressSoft proudly announces the completion of the first phase of this initiative.

This successful completion was celebrated by both parties and also joined the lunch ProgressSoft's exclusive partner in Oman - IMTAC - and its Global Technology Partner - HP - which took place at the Shangri La Hotel on May 10th 2008.

"Image-based Check Clearing is one of the most high-profile elements of our EFT (Electronic Fund Transfer) Strategy, and we are confident of implementing it on time and within the budget as we did with our RTGS and ACH applications. We feel elated at the recent completion of the Requirement Specification Phase; and I take this opportunity to convey my special thanks to all my colleagues and team members in the Bank on this milestone achievement.I would also like to compliment and appreciate the efforts of all our consortium-partners in this venture, i.e. ProgressSoft, HP and IMTAC." Commented Mr. Iqbal Ali Khamis, Senior Vice President & Chairman, EFT Committee Project - Central Bank of Oman.

The upcoming phases of the project are yet to come, and ProgressSoft has already started with the second phase of designing the system to meet the needs of the Central Bank of Oman. The system is scheduled to be up and running live at the Central Bank of Oman and all 18 commercial banks spread across the Sultanate by January 2009.

"PS-ECC implementation project in Oman is excellent and is moving on as planned, all stakeholders are doing their best to achieve another success story for Central Bank of Oman, Omani banking community and the consortium; ProgressSoft, IMTAC and HP" Expressed Mr. Tawfiq Al-Khalili, PS-ECC Project Manager in Oman.

[About ProgressSoft]
Established in 1989, ProgressSoft has been focusing its proficiency in Real-time Payments and Imaging technologies to deliver a set of innovative solutions tailored for the needs of the banking and financial sectors with a diversified client base extending to 140 banks in 22 countries around the globe including the US, Canada, the UK and Germany.

ProgressSoft specializes in Real-time e-payment solutions offering Electronic Image-based Check Clearing, Real-time Settlement for Securities Trading, ACH - Direct Debit and Direct Credit solutions and also excels in - Image Capture - technologies such as the Intelligent Signature Recognition and the Financial Document Recognition solutions.

[About CBO]
The Central Bank of Oman was established in December 1974 and began operations on the 1st of April 1975. It replaced the Oman Currency Board as the principal currency authority in Oman.

The Central Bank of Oman is responsible for maintaining the stability of the national currency, the Omani Riyal and ensuring monetary and financial stability in a deregulated and open financial system. The capital base of the CBO which was one million Omani Riyals at the commencement of operations in 1975, was strengthened over time and since April 2002 has remained at R0300 million. At the end of 2005, CBO's assets/liabilities totaled RO 1826.4 million.

For more information about ProgressSoft, please visit or contact us through the following connections:

Yazan A. Goldstein
Corporate Communications Executive
ProgressSoft Corporation
Tel: (962-6) 5623000 Ext. 211
Email: [email protected]