Press Release

ABN AMRO ANNOUNCES NEW CHECK CONVERSION PRODUCT
Consumer Billers Benefit from Electronic Payment Services

June 10, 2003 - CHICAGO, IL — ABN AMRO, the nation's 16 th largest originator of Automated Clearing House (ACH) transactions and one of the top 10 largest check processors, announced today that it has partnered with San Francisco-based BankServ to offer electronic check conversion services to consumer billers. The Bank's Accounts Receivable Check (ARC) Conversion capabilities will allow companies to convert checks received from consumers at a designated on-site location to electronic payments. "Electronic Check Conversion enables consumer billers to take advantage of electronic collections while still allowing consumers to pay by check.Given the astounding number of checks written by U.S. consumers each year, billers stand to realize substantial efficiency gains and cost-savings with check conversion capabilities," states Tom Durkin, first vice president and head of product management, ABN AMRO.

ARC Conversion uses image technology to scan paper checks into electronic files and capture accounts receivable data and bank account information. The item is then converted into an ACH debit and processed as an ARC payment. Using ABN AMRO's check conversion services, billers benefit from improved funds availability, accelerated clearing of non-local items, additional presentment options for returns, and reduced courier fees for deposit processing. A full suite of web-based reporting options is available; billers may view multi-faceted reports online, print them, or integrate reporting information into an Accounts Receivable system.

"BankServ is excited about this partnership and the value our ARCPay® solution, combined with ABN AMRO's expertise in treasury management will bring to the Bank's client base," says David F. Kvederis,president and CEO of privately held BankServ. "Offering ARC conversion services is a sign of the Bank's innovation and leadership in treasury management and its commitment to helping its customers maximize the benefits of electronic transactions."

The introduction of ARC conversion is part of the Bank's comprehensive, multi-phased approach to offer check conversion services to meet the needs its customers. ARC conversion is ideal for companies in the real estate industry or those with decentralized collection structures who receiver payments from consumers.

ABN AMRO

ABN AMRO operates through three Strategic Business Units, each responsible for managing a distinct client segment. Wholesale Clients provides integrated corporate and investment banking services to corporate, institutional and public sector clients worldwide. Consumer & Commercial Clients focuses on retail and SME clients in three home markets - the Netherlands, the US and Brazil and in a number of selected growth markets.Private Clients & Asset Management focuses on private banking and fund management clients.

The Wholesale Clients Strategic Business Unit provides integrated corporate and investment banking solutions to around 10,000 corporate, institutional and public sector clients in over 40 countries. Its client led approach is sector based and structured around four product groups: Financial Markets, which includes fixed income, syndicated loans, treasury, structured and project finance and risk management; Working Capital, which offers liquidity management, global payments and receivables and trade finance; Corporate Finance & Equities, providing corporate advisory as well as equity capital markets expertise and secondary market services; and Private Equity. With a global network, specialists in all major industry sectors and a broad range of products, ABN AMRO provides local and global expertise for complex cross-border deals.