GE Makes 1 Millionth Web-Based Payment through Gateway System.

Business Editors

BARRINGTON, Ill.--(BUSINESS WIRE)--Dec. 4, 2003

Gateway Systems, Inc. and GE today jointly announced that GE successfully reached the milestone of 1 million payment transfers made through Gateway's Web-based cash management system.

"This is an industry milestone as well as a GE-Gateway milestone," said Orazio Pater, President, Gateway Systems. "It's a testament to the growing acceptance of a Web-based treasury management systems in mission-critical, high-volume, high-value production environments."

More than 1,500 GE treasury personnel access the system through GE's global intranet. GE uses the Gateway system to support funds transfer, balance reporting, and other critical treasury management needs for some 200 GE businesses around the globe. The system connects to GE's major relationship banks and reports balances from banks around the world.

"The number and value of transactions we complete through GE WebCash is absolutely staggering," said Paul Burstein, Managing Director, Operations Services, Strategic Initiatives for GE, Fairfield, CT. "As a Gateway customer and development partner for 10 years, we consider this a major milestone for our treasury services."

The Gateway system enjoys wide support among its treasury users within GE. "It's extremely popular and highly touted internally," Burstein said. "We get a lot of feedback about how easy it is to use and how effective it is."

GE reached the 1 million transfer mark in two and a half years. At the rate the company is using the system, the next million should be reached in almost half the time. "We're quickly increasing the number of users as we roll out the system in Asia, Europe, Mexico and Canada," Burstein said. "Because the product is Web-based, we can roll out five to 10 locations a week."

The ease of administration through a central point is one of the main benefits for GE. Central administration also ensures tight and consistent security throughout the world. "It removes users from traditional software and security maintenance so they can remain dedicated to supporting their businesses," Burstein said.

Gateway Systems, Inc. is a leader in Treasury Management and Global E-commerce Payment systems. The company has a 17 year history of comprehensive experience serving companies and financial institutions of all sizes. To date, Gateway has installed more than 14,000 systems in 52 countries. The company provides "A Best of Breed, Powerful Cash Management Suite" that combines advanced systems and services with specialized consulting to create cost-effective solutions for treasury management and Web payment system needs worldwide. For more information, visit the company's website at www.gatewaysystems.com.

GE is a diversified technology and services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming, and plastics, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.