ProgressSoft Presents its Electronic Check Clearing Solution to Top Banks in USA

USA, December 1, 2004

Amman, Jordan, December,2004 - ProgressSoft Corporation, a leader in the development of Imaging Solutions worldwide, introduces its Image-Based Electronic Check Clearing Solution PS-ECC as a live demo to top banks in USA; Federal Reserve, Clearing House of New York CHIPS, Bank of America, Bank of New York, JP Morgan Chase, HSBC,and Citibank.

In addition, a pilot project for the electronic check clearing solution will be held to SWIFT New York, and to four major banks in Birmingham, Alabama.

This project is to allow banks the opportunity of getting introduced to the image-based solution which represents a stride towards an enhanced banking of cost effective electronic check payments.

Recently, ProgressSoft has become a technology partner to the renowned American Hewlett Packard "HP". According to Michael Wakileh, Business Development Manager of ProgressSoft, "We believe that this new partnership brings to the world leading technological solutions. Together with HP, we believe that PS-ECC will be poised to winning the robust European & American market."

Our solution was designed to bringing the banking industry into a more comprehensive world of efficiency and technology. PS-ECC is the first "Image-Based" Electronic Check Clearing Solution world-wide. Currently, the idea is to be implemented in the US as per Check21 Act, which blazed through the banking sector since it became effective in Oct 28, 2004.

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 & the first signature verification system in the region. Since the 16th of February 2003, PS-ECC has been running countrywide in the State of Qatar, making Qatar the world's first country to start a new era of superior banking technology.