Arab Bank Favors ProgressSoft's Electronic Check Clearing Solution

Falling in line with the past achievements joining ProgressSoft and Arab Bank in Qatar and Jordan in nationwide implementations of electronic check clearing, Arab Bank will be preparing its UAE branches to implement ProgressSoft's solution, Prompt Check to electronify all its check clearing routines. Prompt Check offers instant inter-branch check clearing while seamlessly integrating with the Central Bank of United Arab Emirates (CBUAE) for clearing inward and outward items, ultimately actualizing a full inter-bank clearing cycle.

"Starting with Qatar, then Jordan, and now in UAE, our relationship with Arab Bank has constantly been mutually rewarding; being favored with the electronic check clearing project, we are currently on the verge of enacting yet another success," commented Mr. Michael Wakileh, CEO, ProgressSoft. Arab Bank is another prominent member of UAE's banking body to opt for ProgressSoft's check clearing solution. After recently being awarded the same project by the National Bank of Abu Dhabi, ProgressSoft has been acclaiming sound presence and vast recognition across the Emirati financial community.

Exploiting their proven expertise in this field, ProgressSoft will be deploying Prompt Check to facilitate an electronic exchange of captured check images in place of the cumbersome movement of paper-based checks between Arab Bank branches and CBUAE. This allows for check images to be captured at the branch, ATM/CDM, merchant or corporate location. With same-day value date, the expedited check clearing cycle brings about an increase in cash flow, allowing for better fund management, while reducing the risk of check losses and delays, saving manpower at central clearing houses and member banks, and enhancing security of exchanging checks.

[About Arab Bank PLC]
Arab Bank, established in Jerusalem on 21st of May 1930, is now a leading international institution with more than 400 branches worldwide, a consistent record of profitability and an unequalled reputation for prudence and reliability. Arab Bank is the largest privately owned and most geographically widespread Arab institution in the world. The bank has always played a major role in trade and project financing in all its areas of operation. An equally strong commitment to prudent management has guaranteed the Arab Bank to an unbroken record of profitability without hampering its dynamic expansion, geographically and into new service areas as well as its enthusiastic adoption of the latest in technology for both management and customer services.


[About ProgressSoft]
Committed to a boundless aspiration towards innovation since its inception in 1989, ProgressSoft has been focusing its proficiency in imaging technology to deliver an impressive suite of intelligent solutions to the financial world. Today, ProgressSoft has consolidated its position as the new household name in the banking industry, claiming an active role in shaping the future of a technology-driven era of electronic financial services.

For more information about ProgressSoft, please don't hesitate to visit us at www.progressoft.com or contact us through the following connections:

Yazan A. Goldstein
Corporate Communications Executive
ProgressSoft Corporation
Tel: (962-6) 5623000
Email: Yazan.goldstein@progressoft.com