OPERATIONS

Fundtech Ltd., a provider of global-electronic payments, settlement and cash-management solutions announced that 12 of its PAYplus-for-CLS customers have gone "live" with the solution, enabling them to use the Continuous Link Settlement (CLS) System for foreign-exchange settlement. CLS Bank launched the CLS service on Sept. 9, 2002. The first global-banking-settlement system of its kind, CLS enables each side of a foreign-exchange trade to be settled simultaneously and irrevocably.

Also, Fundtech Ltd. announced that SEB (Skandinaviska Enskilda Banken), headquartered in Stockholm, Sweden, has selected its PAYplus-for-CLS solution. SEB becomes the 18th CLS Settlement Member bank to select Fundtech's PAYplus-for-CLS software. Fundtech's CLS solution will allow SEB, to manage its CLS operation and obligations to the CLS Bank, as well as to offer third-partyservices via the PAYplus-for-CLS solution.

OM, a provider of transaction technology to the financial-services and energy markets, announced that UBS Global Asset Management (UK) Ltd has selected OM to provide a new corporate-actions-workflow solution. OM Corporate Actions System (CAS) reduces the manual effort spent processing a corporate action by up to 70 percent.

TurboSwift, Netik's SWIFT gateway, has successfully completed certification testing with SWIFT for the SWIFTNet-FIN service on the Sun Solaris and IBM AIX platforms. In July 2002, TurboSwift was the first third-party vendor to certify on the Windows platform offering a solution to allow customers on platforms not supported by SWIFT's SWIFTNet-Link software (such as HP-UX and NCR UNIX) to remain on these platforms.