ProgressSoft's Electronic Check Clearing Solution Supports Panini MyVisionX

Doha, December 5, 2005

As of February 2003, all banks in Qatar including their branches eliminated manual check clearing in the country for good, replacing it with online image-based check clearing which truncated the check from the branch. As of late Dec, 2004, all banks in Jordan have been undergoing a similar superior upgrade to their check clearing processes, too. PS-ECC, the world's first Electronic Image-based Check Clearing solution, is being implemented in all 26 banks and their 600 branches spanning the country, whereby a completely electronic check clearing cycle can be eventually actualized across all banks and the Central Bank of Jordan.

This extensive adoption of PS-ECC involves the installation of remote capture devices in all bank branches to capture check images and MICR information on the check. Such technology allows banks to truncate checks at the branch level while eliminating costs of the physical transfer of checks to be cleared at the Central Bank.

ProgressSoft, having integrated different check scanners, has identified the Panini My Vision X as an ideal scalable hardware to support its software solutions, thanks to the advanced features that led the Italian device to be the accredited leader in the market.

The ergonomical and easy-to-use technology of the Panini My Vision X allows the operator to focus on the customer, reducing timing of check processing, and releasing the teller from paper handling.

Furthermore, thanks to its speeds (30, 60, 90 dpm) and scalability, the My Vision X is the ideal solutions for both teller and back office application, giving the total quality in item reading, imaging, endorsing and processing.

In addition to considerably chopping down expenses, Jordanian banks are expecting to engage in an expedited same-day check clearing cycle that shall bring about an increase in cash flow and allow for better fund management, while reducing the risk of check losses and delays, saving manpower at central clearing houses and member banks, and enhancing security of exchanging checks.

[About Panini]

Panini offers reliable, high-quality, item-processing solutions on a global scale. Panini S.pA., the parent corporation, located in Turin, Italy, manufactures and distributes its equipment worldwide through an expert distributor network. Panini offers a complete range of products for item processing, including the S1/S1 Vision Series - the family of desktop medium speed reader sorters - , and the My Vision series - the line of check scanners specifically designed for distributed item capture in bank branches.