The world’s premier financial services event Sibos 2004 has closed its stages; this forum devoted for payment solutions and banking technology was held in Atlanta-Georgia for five days this October. ProgressSoft, illustrated its World’s First Electronic Check Clearing Solution; in cooperation with the prominent American Hewlett Packard HP.
In a conversation with ProgressSoft’s Business Development Manager Mr. Michael Wakileh, "During the first days of the exhibition, we were honored with the visits of top executives from The Federal Reserve, The Clearing House Interbank Payments System (CHIPS), Canadian Payment Association, Central Bank of Germany (Deutsche Bundesbank), Belgium, Japan, SWIFT besides several central banks and clearing houses from Europe, Asia and Africa. Nevertheless, PS-ECC was demonstrated to clearing houses, central banks, and payments associations from all around the globe, who showed interest in ProgressSoft's innovation and experience." Wakileh said.
On the other hand, "HP has signed a letter of intent with SWIFT to utilize SWIFTNet FileACT to transmit check images between international banks and their correspondent banks. HP also announced that they are working in strategic partnership with ProgressSoft, a renowned vendor of imaging solutions to the financial industry." said Sibos issues, the official daily newspaper of Sibos 2004 Atlanta 11-15 October.
It is expected shortly that ProgressSoft and HP will start a pretentious roadshow which will extend over the five continents.
ProgressSoft has received plenty of invitations from American and European financial solutions’ companies aiming for partnerships in order to approach and apply PS-ECC in the American and European banking sectors.
The Check Clearing for the 21st Century Act (Check 21) was signed into law by President Bush on October 28, 2003. Check 21, which will become effective on October 28, 2004 and is designed to foster innovation in the payments system and to enhance its efficiency by reducing some of the legal impediments to check truncation. Check 21 will give the substitute checks the same legal validity as the original paper checks. This law offers the foundation to check electronification, which in turn opens the road to ProgessSoft’s ECC to invade the markets with confidence.
Started its analysis and development of Electronic Check Clearing in 1996, ProgressSoft’s solution was fully implemented by 1999 and ready in the market. PS-ECC accomplished its first victory in Qatar year 2001, and has been running countrywide ever since. Nevertheless, Jordan was the second country to start a new era of superior banking technology.
ProgressSoft was established in 1989, and specialized in pioneering imaging solutions as signature verification and electronic document archiving and management. It made a victorious designation being the first company to establish a signature verification system, which has run through 15 Jordanian Banks, in addition to 42 banks in The Middle East. Its solutions has accomplished a remarkable level of sales in 19 countries including UAE, KSA, Lebanon, Canada, Cyprus, England, Germany, Indonesia, Malta, US Agency of International Development, and UN-ESCWA.