Cass Information Systems Forms Alliance with Imaging Acceptance Corp.

Business Editors

ST. LOUIS--(BUSINESS WIRE)--March 21, 2001

Cass Information Systems, Inc. (NASDAQ:CASS) has entered into an operating and financial relationship with Warrenton, Va.-based Imaging Acceptance Corp. (IAC). The agreement affirms the goal of Cass Information Systems to expand its information processing services and to utilize advanced technology to gain efficiency and competitive advantage.

IAC develops products and services that allow highly reliable, automated capture of critical information from U.S. mail-based documents for database and web applications.

Under the agreement, Cass has invested an undisclosed amount in a convertible debenture of IAC. The companies have also executed an operating agreement that will integrate IAC technologies and processes into Cass Information's existing service matrix and which calls for IAC to maintain equipment and processing infrastructure at Cass' new utility payables headquarters in Columbus, Ohio. The agreement also provides IAC with back-up processing capability for IAC's own disaster recovery plan at the Columbus facility.

"IAC is delighted to initiate this relationship with Cass. It will allow us to expand and leverage our market-leading technologies for the capture and indexing of transactional documents in Cass' established commercial invoice processing business," said John D. Rome, IAC chairman and chief executive officer.

"Our investment in and operating agreement with IAC represent another important strategic advance for our information processing business," said Lawrence A. Collett, Cass chairman and chief executive officer. "Our collaboration with IAC will begin in our utility payables division and ultimately extend to our transportation services processing division. We also see opportunities to incorporate IAC technology into some of Cass Information's nonstandard transaction processing services."

The IAC agreement represents the second major investment Cass has made in 2001 to solidify its market leadership in the fast growing utility information services market. In mid-January, Cass reached an agreement to acquire business and substantially all assets of "The Utility Navigator(R)", a division of InSITE Services, Inc., White Plains, N.Y.

Cass currently performs payment and extended data capture services on 2.4 million gas, electric, water, sewer and phone invoices annually, nearly double the volume of its nearest competitor. Cass also serves the growing Energy Service Providers (ESP) market by providing data and reporting tools to help users identify facility-related savings opportunities.

Cass has been a leading provider of payables services and information support systems to companies throughout North America since 1956. The company pays approximately $8.5 billion worth of freight and utility liabilities on behalf of customers from processing centers in St. Louis, Columbus, Ohio and Boston, Mass. The support of its bank subsidiary, Cass Commercial Bank, founded in 1906, makes Cass Information Systems unique in the industry.

Certain matters set forth in this news release may contain forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. For a discussion of certain factors that may cause such forward-looking statements to differ materially from the company's actual results, see the company's annual report on Form 10-K for the year ended Dec. 31, 2000.