IPS of Boston Signs Agreement With Financial Industry Leader Pnc Bank; Software Developer's Product Will Help PNC Clients To Combat Check Fraud

Business Wire, Jan 15, 2002

Business/Technology Editors

BOSTON--(BUSINESS WIRE)--Dec. 3, 2001

IPS of Boston, a leading provider of payment and fraud avoidance software products for corporations worldwide today announced it has entered into a referral agreement with PNC Bank Treasury Management to provide IPS' DoubleCheck(R) fraud avoidance software to PNC corporate clients at a reduced license fee. Future releases of DoubleCheck will contain the PNC Positive Pay format.

"IPS of Boston offers a software product that features spreadsheet functionality and file format capability that will enable a wider range of small and mid-sized companies to take advantage of the security of PNC Bank's Positive Pay, a check fraud protection service, " stated Joelle Swart, product manager, PNC Bank Treasury Management.

Positive Pay is an industry term for check matching services provided by most financial institutions. After checks are cut at the corporate client site, the check issue file is then sent to the bank. As the checks are individually presented for payment, suspect checks are flagged for review prior to payment. If there is a discrepancy or a determination of fraud, the client tells the bank not to pay the check, thereby preventing the loss by the corporate client or the bank. While the positive pay service has been available for quite some time, it is often difficult for the corporate client to modify those check issue files into the format in which the bank wishes to receive them. DoubleCheck will address this problem.

"We are excited and proud to have the opportunity to work with PNC Bank," stated Gary McNamee, IPS president and founder. " IPS is committed to providing the same high levels of service and support clients have come to expect from PNC Bank."

While many larger corporations today utilize positive pay through their financial institutions, DoubleCheck will also allow many middle market and even small business clients, who may not have the time or internal resources, to utilize positive pay. With a one-time license fee of just $495.00 and up to an hour of software setup support, DoubleCheck is the most effective and affordable check fraud weapon on the market today.

About IPS of Boston

IPS of Boston is a growing leader in payment and fraud avoidance software. IPS Payment Suite of products includes C.O.D. Checks On Demand! DoubleCheck and ACHieve! Information in this release applies specifically to products available in the United States. Products availability and specifications may vary in non-U.S. markets. Company and product information may be obtained by calling (781) 356-7400 or by accessing their web sites, www.positivepay.com or www.ach.com.

About PNC Bank Treasury Management

PNC Bank Treasury Management is a business unit of PNC Bank, which is a member of The PNC Financial Services Group, Inc. PNC Bank is one of the top ten treasury management providers in the nation, maintaining its position as an industry leader with a diverse mix of advanced products and services. PNC Bank Treasury Management helps companies manage their finances by integrating their receivables, payables, investment and information reporting activities into one streamlined system.

The PNC Financial Services Group, Inc. (NYSE: PNC), headquartered in Pittsburgh, is one of the nation's largest diversified financial services organizations providing regional community banking, corporate banking, real estate finance, asset-based lending, wealth management, asset management and global fund services.

For more information, visit PNC Bank Treasury Management on the Web at http://www.treasury.pncbank.com.