Fics Launches FiRE Financial Reporting Software in 21 Countries.

CHARLOTTE, N.C.--(BUSINESS WIRE)--Sept. 29, 1999--

FICS, the financial electronic commerce and financial reporting company, has launched a new product, FiRE Financial Reporting that offers comprehensive reporting functionality for the regrouping, standardization and consolidation of data, and for synthesizing and validating financial reports.

FiRE is the result of a multi-million three-year investment in creating a product that will address critical worldwide needs for central bank, regulatory and head office financial reporting software.

`Financial institutions spend a billion dollars a year on addressing their reporting obligations to central banks and other regulators,' says Joanna Declerq, Product Marketing Manager of the new FiRE Product. `Yet it is estimated that 90% of information required is already available within their existing IT systems. FiRE offers a range of data processing functions to extract and process this data, and for automating the creation and delivery of reports to regulators. We've made FiRE simply the most comprehensive product for regulatory reporting on the planet.'

Running under Windows NT as a standalone or client-server implementation, FiRE is able to link to ODBC compatible databases including MS SQL Server, Sybase and Oracle. FiRE meets statutory financial reporting requirements in 21 different countries, including CAD reporting for EU countries. The standard solution comprises a single core platform that is able to generate different types of reports, in multiple languages if needed and to manage data from multiple legal entities. FiRE also meets emerging standards for Internet based connectivity and HTML-based financial reports.

The new product significantly enhances the company's previous regulatory reporting offering, ABACUS. Over the past decade ABACUS has become the world's leading product in the area of regulatory reporting, currently used by over 600 financial institutions worldwide. Improvements include:

-- Faster processing, due to its native compliance with the latest operating systems and reduction in the number of database connections it initiates, resulting in performance improvements of over 60%

-- Leading-edge application design, based on industry standards such as Microsoft libraries, Visual Studio, and the Internet language HTML 

-- ODBC connectivity (opening up connectivity to other database platforms such as DB2, Informix) o Use of COM technology, enabling users to integrate FiRE into any application, and to integrate any application into FiRE

-- Advanced security that integrates Windows NT security on MS SQL and Oracle platforms: a single log-in is needed for the NT environment and the FiRE Solution

-- Encrypted reports and parametrization programs, meaning that users cannot corrupt FiRE programs o Extensive script wizards, enabling users to create customized processes and schedule tasks

About FICS

FICS was established in 1989 and concentrates on two core activities: Electronic Services Delivery (ESD) and Financial Reporting Systems (FRS). The company's Electronic Services Delivery products provide solutions for

electronic banking, both retail and corporate, running on Windows and via the Internet, as well as solutions for electronic commerce and electronic funds. FICS' ESD activities are based on a number of products, including the FICS - Electronic Services Delivery Server. This server supports all forms of electronic banking, from conventional electronic delivery systems to Internet, telephone, fax, PDA and mobile telephone services. FRS offers banks, insurance companies, pension funds, mutual investment funds and brokers an international solution for legal, financial and management reporting.

Since it was first established, FICS has grown to more than 650 employees, with subsidiaries in 11 countries, including Belgium (head office), Luxembourg, France, the United Kingdom, Spain, South Africa, Portugal, the United States, Australia and Singapore. FICS has more than 600 clients world-wide, including ABN AMRO, BNP, Bank of America, Citibank, Commonwealth Bank of Australia, Deutsche Bank, ING Bank, Lloyds Bank, Nomura Bank, Arab National Bank and Sumitomo Bank. FICS recorded revenues of more than 58 million US dollars in 1998. On May 17, 1999, FICS, together with Edify Corporation (Nasdaq: EDFY) announced that it has entered into an agreement to be acquired by Security First Technologies of Atlanta, Georgia (Nasdaq: SONE).