ProgressSoft will showcase world's first Electronic Check Clearing Solution in Sibos, Copenhagen

At this widely acknowledged international annual convention that attracts vast collection of top-notch figures and companies from the financial world, ProgressSoft shall be displaying its break-through solution- PS-ECC, the world's first Electronic Check Clearing Solution.

In harmony with the Sibos 2005 theme-Transformation, ProgressSoft's innovative solution introduces its own radical change to the banking industry; PS-ECC facilitates same day clearing of checks through an electronic exchange of check images in place of the cumbersome movement of paper-based checks between banks and clearing houses, while promising a profoundly advantageous clearing process for banks, central banks, and clearing houses.

Delegates can visit ProgressSoft at the HP booth #C356, Zone C to view a demonstration of this comprehensive solution that proposes the means to achieve real-time country-wide check clearing, inter-branch clearing of on-us items within the same bank, and cross-border check clearing between banks spanning different countries.

"We at ProgressSoft perceive this enormous event as an exceptional opportunity to convey our technological innovations, showcasing our expertise through world first pioneering solutions" affirmed Mr. Michael Wakileh, Business Development Manager at ProgressSoft.

Following several successful implementations since 2001, this solution that succeeded in turning heads of major banks' managers and executives in Sibos 2004, is currently being jointly offered by ProgressSoft and their technology partner HP in the US, Europe, Canada, and Asia.

Upon opting for PS-ECC, banks are truncating paper checks at the branch level and engaging in an exceptionally fulfilling electronic check clearing experience. With T+0 value date, the expedited check clearing cycle brings about an increase in cash flow, allowing 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.

Committed to a boundless aspiration towards innovation since its inception in 1989, ProgressSoft has been leveraging the latest in imaging technology to introduce an impressive suite of intelligent solutions to the financial world. Today, ProgressSoft has consolidated its position as the new household name in the banking industry, claiming an active role in shaping the future of a technology-driven era of electronic financial services.