Press Release

BankServ Joins SWIFT as Corporate Member — First Service Bureau in the World to Do So

Sydney, Oct. 11, 2006 — BankServ announced today that it has applied to become a member of the SWIFT banking network, making the San Francisco-based financial technology firm the first accredited SWIFT Service Bureau to join the network as a corporate member. The company plans to become an active corporate member of SWIFT by January 2007.

SWIFT's new corporate access program, designed to open up the network to the treasury departments of companies that need a secure way to send financial messages, has so far attracted the likes of IBM, Microsoft and General Electric as initial participants. BankServ — which currently processes SWIFT messages on behalf of more than 300 banks in 52 countries using its TurboSwift system — will use its membership to transmit files to its bank customers over the SWIFT network.

BankServ already processes over 40 million ACH bill payment transactions each year, and plans to work with its bank customers to route the transactions over the SWIFT network — as soon as the banks are ready to receive files via SWIFT. By doing so, BankServ believes it will help break new ground for many U.S. banks by showing them how to work with corporate members. Earlier this week, the company also announced a collaboration with SWIFT to develop a new service called SWIFT2Fed, which will allow Fedwire transactions to be sent over the international network.

"We look forward to the opportunity to work with a respected organization such as SWIFT to serve the financial industry in new ways," said Mary Ellen Putnam, BankServ's vice president and international business unit manager. "Corporate membership will help many companies handle their financial transactions in a secure fashion. In BankServ's case, it will also allow us to make improvements to our existing product lines."

In addition to its significant ACH volume, BankServ plans to use SWIFT messaging for its DepositNow desktop deposit service. With DepositNow, banks enable their business customers to deposit images of checks over the Internet instead of physically transporting the checks to the bank. Once BankServ captures the images and converts them into settlement files, it will transmit the files to the clearing banks via SWIFT. By doing so, the company hopes to make the product simpler for banks to install, using the SWIFT standard instead of custom-building connections in most cases.

"This decision came about largely due to SWIFT's growing role as an international standard for secure data transfer," Putnam said. "Opening the network to corporations brings a multitude of chances for more efficient financial communication."

Current users of BankServ's TurboSwift system and its SWIFT service bureau will not experience any interruption in service or require any infrastructure upgrades as a result of the move.

About BankServ

Since its inception in 1996, BankServ has been dedicated to developing new technology to move money quickly and safely over electronic networks. BankServ is a leading global provider of secure Fed wire transfer, SWIFT, Check 21 and ACH payment solutions for banks, governments and businesses.

From a single location in San Francisco, BankServ has become one of the fastest-growing companies in America. In 2003 and 2004, BankServ was listed in the Inc. 500 fastest growing private companies in the U.S. and in the Deloitte and Touche Fast 500 as one of the fastest growing public or private technology companies. More information about privately held BankServ can be found at http://www.bankserv.com.

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