Alogent Extends Deal with World's Largest Item Processing Outsourcer Adding $13 Million.

Business Editors

ATLANTA--(BUSINESS WIRE)--May 28, 2002

Nine-year contract with iPSL now totals $31M

Alogent Corp., a developer of payment transaction processing solutions for global financial institutions and remittance processors, announced it has extended the terms of its contract with iPSL (Intelligent Processing Solutions, Ltd.) to provide the strategic check processing software platform to include product maintenance and support for an additional $13 million.

The scope of the nine-year agreement with the world's largest item processing outsourcing joint venture now totals $31 million.

"Alogent is heavily focused on our product and infrastructure to support growth and scalability," said Alogent COO Ilaria Derr. "Our accomplishments to date and ongoing success with obtaining long-term contractual commitments clearly validate that our customers have confidence in what we are doing. The Alogent team could not be more enthused to have broadened the scope of our relationship with iPSL and the world-class financial institutions it serves."

iPSL, based in the United Kingdom (UK), is an outsource processing joint venture formed by Lloyds TSB Bank plc, Barclays Bank plc, HSBC Bank plc and Unisys that provides check and credit clearing for the partners and their clients. iPSL is the single largest item processor in the UK, currently clearing almost half of the UK's checks and expects to increase this volume to almost 70 percent by year's end.

Alogent will receive the bulk of the additional support revenue over the next three years. The extension of the contract also covers offerings for product updates and upgrades from Alogent over the course of the relationship.

Alogent's role in the outsource venture is the delivery and implementation of its Sierra Clearing system as the core check clearing software platform for iPSL. Sierra Clearing is a key enabling technology because it provides open architecture processing efficiencies through flexible workflows and minimized exceptions, Web-based software for data and image processing, and a structured rules engine for banks to change processing rules as business needs change.

To achieve the benefits of end-to-end integration, the member banks may choose to use Sierra Xpedite, the company's flexible deposit automation product, to capture and process transaction data and related information at branch teller counters and branch back offices. Sierra Clearing can also accept data from in-house branch data capture systems. iPSL member Lloyds TSB currently uses Sierra Clearing for its central processing platform and Sierra Xpedite in its retail branch network for image-based deposit automation.

About Alogent

Alogent develops and delivers the Sierra(R) open-architecture payment processing software solutions to banks, financial institutions, and remittance processors who want to make payment processing more efficient and more profitable. Alogent's front and back office image and MICR payment solutions are scalable, Web-deployed, and based on Microsoft DNA architecture and XML. For more information, visit the company's Web site at www.alogent.com or contact Alogent Corporation, 4005 Windward Plaza Drive, Second Floor, Alpharetta, GA 30005. Phone: [phone] ext. 362; Fax: [phone].