VECTORsgi Joins Financial Services Technology Consortium; Company to Participate in Consortium's Image Quality and Usability Assurance Project

Business Wire, May 10, 2004

Business Editors/High-Tech Writers

ADDISON, Texas--(BUSINESS WIRE)--May 10, 2004

VECTORsgi, a leading provider of banking transaction applications, announced that it has joined the Financial Services Technology Consortium (FSTC) and will participate in the consortium's Image Quality and Usability Assurance initiative: Phase I. The FSTC is a New York-based non-profit trade association that sponsors and facilitates technology development for the financial services industry.

The FSTC Image Quality and Usability Assurance initiative's goal is to define an operational framework for the industry that ensures that any check image, regardless of its capture point, meets the industry's minimum requirements. The first phase of the project will focus on quantifying the problem and expected business impact, developing core requirements for image quality and usability, creating an inventory of the image metrics that can be used and developing a detailed plan for Phase II. The potential Phase II would focus on the development, testing and publishing of technology and business specifications that together can be implemented by financial institutions and technology vendors to minimize risk, maximize savings and ensure strong adoption of image exchange.

"The findings of the FSTC Image Quality and Usability Assurance initiative will have very important implications for everyone in the financial services industry," said VECTORsgi's president and Chief Executive Officer, Sydney Smith Hicks, Ph.D. "With the passage of Check 21 legislation into law, the industry is quickly approaching adoption of check image exchange and capture at centralized and distributed locations, such as merchant, teller and ATM locations. Financial institutions will ultimately be liable for defective or 'untransactable' check images, and they must ensure that image quality assessment and assurance capabilities are effective, or face significant financial, operational and reputational risks."

Joining the FSTC gives VECTORsgi access to industry information and trends researched by the association. Membership also allows participation in all FSTC projects. The FSTC operates as a member-based organization, funded and supported by members, both in governance and activity. Members pay annual dues, based on the size of their company, to support FSTC activities.

Most of the largest US financial institutions are participating in the FSTC project, representing over two-thirds of the U.S. check volume. In addition, most of the major technology providers and key industry organizations are involved.

About FSTC

FSTC is a financial industry research organization comprised of banks, financial service firms, industry partners, national laboratories, universities and government agencies. Its goal is to bring forward interoperable, open-standard technologies for the financial services industry that makes possible new products and services. FSTC projects push the envelope of financial services technology, focusing on areas where industry collaboration is possible, and needed, to enable new products, reduce costs and risk, or expand market reach. FSTC provides a unique forum for financial institutions and vendors to work together on taking ideas from concept to pilot to the marketplace. For more information, visit http://www.fstc.org/.> About VECTORsgi

VECTORsgi is a leading provider of financial transaction processing, image exchange, item processing, dispute resolution, and e-commerce solutions to financial institutions around the world since 1976. Financial institutions of all sizes depend on its products and services to provide innovative transaction processing solutions including solutions to maximize the benefits of check truncation legislation. VECTORsgi products have been licensed more than 2,300 times. VECTORsgi is named after its key product line.

For more information, visit the company's Web site at www.VECTORsgi.com.