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CASHSWITCH becomes ASP for Misys’ Fontis iBanking Solution in the Middle East.

Dublin, Ireland - 8th October 2001. CASHSWITCH, Dubai’s leading online financial services company, has licensed Misys International Banking Systems’ (Misys) Fontis iBanking solution in a deal which will make Internet banking more accessible and cost-effective for banks in the Gulf region.

Through its new strategic alliance with Misys, CASHSWITCH, promoted by the multi-billion U.S. Dollar Bahwan Group of Oman, can act as an Application Solution Provider (ASP) or can directly license the Fontis iBanking platform to banks in the Middle East region. In its role as an ASP, CASHSWITCH will provide an Internet banking service on behalf of banks, who wish to make such services available to their clients, but prefer not to incur the development costs normally associated with them.

As a result of the partnership between Misys and CASHSWITCH, banks in the Middle East will now be able to offer their clients the convenience of e-banking, immediately and at relatively low cost. Through Misys’ leading-edge solution, bank clients can take advantage of a variety of e-banking services from account management and transaction enquiries to secure funds transfers, enabling them to fulfill all of their banking requirements online.

CASHSWITCH already provides a wide range of Internet services to the Gulf region’s financial sector. According to R. Seetharaman, CEO of CASHSWITCH and a former senior banker "At CASHSWITCH we believe that fast and economical implementations of quality technology products are essential for regional banks entering the e-banking arena. For this reason, we closely evaluated the e-banking solutions in the market before finally selecting Fontis as our platform of choice. Our final decision rested on the fact that this proven solution offers a secure, flexible e-banking platform that can be easily implemented and rolled out to clients in exceptionally short timeframes."

"As customers demand online access to their accounts, banks are now seeking economically viable ways to meet their demands. By offering Misys’ Fontis solution, CASHSWITCH is in the unique position of being able to not only meet but exceed their e-banking requirements." says Ms. Hind Suhail Bahwan, Chairperson, CASHSWITCH.

Commenting on the exciting new alliance with CASHSWITCH, Alan Prior, Regional General Manager for Misys in the Middle East, said: "We are constantly seeking new and innovative ways to empower our customers in the region. We are delighted to be working in partnership with CASHSWITCH and to be in a position to offer outstanding business solutions to our clients in this region."