Founder of the worldwide leading corporation in software, services and solutions, Mr Bill Gates viewed a presentation conducted by ProgressSoft's Chief Technical Officer Mr Ali Fada, who demonstrated the pioneering Electronic Check Clearing Solution, dubbed as PS-ECC. Mr. Gates was briefed on the ProgressSoft's history and recognizable achievements, namely PS-ECC's successful nationwide implementations in several countries.
ProgressSoft was one of the seven leading ICT companies in the Kingdom chosen to display their foremost advancement in computer applications to Mr. Gates. This significant event also included a Ramadan Iftar banquet with His Majesty King Abdullah, followed by a joint press conference with the Minister of Information and Computer Technology Ms Nadia Saeed and Minister of Education and Minister of Higher Education and Scientific Research Dr Khalid Touqan, during which Gates assured: "in return, we made a commitment to help the local ICT economy."
A world first innovation, PS-ECC proposes the ultimate solution for same day check clearing and check truncation from the branch level by facilitating an electronic transfer of check images in place of the traditional physical movement of paper-checks occurring daily between banks and clearing houses. PS-ECC achieves an expedited clearing cycle with a range of substantial benefits notched on its belt; while bringing about an increase in cash flow and allowing for better fund management, the solution renders paper-check transfer obsolete, thus reducing the risk of check losses and delays, saving manpower at central clearing houses and member banks, and enhancing security of exchanging checks.