Association/Trade Show Update

Comerica Incorporated has begun moving its ACH volume to Electronic Payments Network's (EPN) private sector electronic payments system. The move brings significant new volume to EPN and establishes a strategic foundation for its further expansion in the Midwest.

EPN's capabilities include the Universal Payment Identification Code, which helps remove the barriers that stop the growth of electronic payments.

"EPN"s private sector ACH system adds important capabilities to electronic payments that just aren't available anywhere else, " said Jennie Cook, first vice president and officer-in-charge of Electronic Services for Comerica. "These capabilities will help Comerica meet the e-commerce needs of business customers, particularly those looking to derive more value from their payment operations. On the logistics of the switchover, we were impressed with how smoothly the operation was carried out."

EPN is part of the New York Clearing House's family of payment systems.

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Commerce Bank, Cherry Hill, N.J., has joined NACHA's Electronic Payments Association as a financial institution member.

Commerce Bank is also joining NACHA's Electronic Check Council and Internet Council. NACHA has 35 members including 21 payments associations and 14 financial institutions.

"As our business grows, Commerce Bank will take a leadership role in the electronic payments system," said Richard W. Burke Jr., senior vice president of Commerce Bank. "ACH services are central to our growth strategy and membership in NACHA will provide us with the means of influencing the development of ACH products and services. NACHA membership will also enable Commerce Bank to provide additional value to our customers through expertise, advocacy and enhanced payments solutions."

NACHA is an organization devoted to developing electronic solutions to improve the payments system. It represents more than 12,000 financial institutions.

Commerce Bancorp will have over 37 offices by 2005. It is the largest public finance firm in New Jersey and Pennsylvania.

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SWIFTReady 2002 Gold accreditation has been given to Fundtech Ltd. for its PAYplus payments solutions.

Gold Label is the highest accreditation given by SWIFT and it shows that PAYplus supports SWIFT's standards, products and services. Fundtech will also become a member of the SWIFT Partner Advisory Group, which was created to oversee new standards for real-time cash reporting and to serve as a working group devoted to integrating SWIFTNet reporting services into industry applications.

"Our Status as a Gold Label SWIFT accredited solutions provider as well as our membership in the SPARCS Working Group, demonstrates our leadership position in supporting and maintaining compliance with industry standards in order to provide customers with best-of-breed solutions and connectivity," said Reuven Ben Menachem, chairman and CEO of Fundtech. "We value our partnership with SWIFT and will continue to strengthen this relationship for our customers benefit."

SWIFT is an industry-owned cooperative that supplies secure messaging services and interface software. SWIFT gives messages to banks, broker/dealers and investment managers and provides services that help reduce customer expenses and improve automation and manage risk.

Fundtech provides software solutions that facilitate payments, settlement and cash management.