SANDY HOOK, CT, September 12, 2002 - Open Information Systems, a leading provider of Web Enablement and Corporate Trust Accounting systems, announced today that a major Midwest bank has contracted with Open Information Systems for the delivery of a new Corporate Trust system, which will provide Internet access to the client's extensive commercial paper and medium term note operations in the US and Europe.
The new system will link the bank's Corporate Trust department with it's clients for transaction entry, approval and reporting services. Open Information Systems is developing the application using the firm's OIS Information Managerâ¢ technology and OIS Money Market Managerâ¢ product, which the client has licensed as part of the transaction. OIS is providing a complete
turnkey solution including development, system integration and training services.
"Our newly announced partnership confirms that 2002 will be a record year for OIS". Said Tom McMackin, Co-founder and Chairman of Open Information Systems. "Our new client is one of the Corporate Trust industry's largest service providers and our selection particularly after their demanding review, is a win we are very proud off. This engagement helps further our objective
of becoming the leading supplier of global corporate trust solutions."
"OIS has made a significant investment in its Corporate Trust software and the bank's decision confirms the correctness of our investment". Said Donald Weld, VP of Sales at OIS, "While we were selected because of our technical fit and ability to address the bank's immediate needs, they also valued the breadth of our Corporate Trust product line and our ability to provide them with additional solutions in the future."