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CONTACT:
Jean Barnes
Covast Corporation
(404)812.7157

Covast Technology to be Deployed into ING Banking

ATLANTA – January 9, 2002 – ING Bank, one of the largest financial institutions globally, has chosen to use eCommunity Builder from Covast Corporation as their integration broker. ING Bank will use Covast's eCommunity Builder to power their bulk file delivery channel in order to facilitate high volume payment initiation, receive reporting information and support other electronic banking needs for their customers. The solution, based on the off-the-shelf product FLS, which seamlessly integrates eCommunity Builder, is provided by Covast partner MaXware Benelux. ING will install the solution with its largest customers enabling the exchange of high volumes of payments and associated reporting.

“The Covast technology is one of the key components that allows our FLS payment gateway solution to be completely tailored to the unique customer needs,” says Peter Kwakernaak, CEO MaXware Benelux. “With Covast's eCommmunity Builder, we can cater to improved financial transaction management solutions for financial institutions like ING and for large corporations setting up payment factories and shared service centers.”

The eCommunity Builder is used as a straight through processing system for payment files coming from the ING customers' ERP-systems. eCommunity Builder performs syntax validation and conversion (EDIFACT, X12, SWIFT, XML) and is installed as a server at ING and as a client-application at the ING customer sites.

“eCommunity Builder will allow ING Bank to communicate easily and flexibly with their customers, enabling a robust state-of-the-art delivery channel ,” says Daan Scheer, founder and CEO Covast Corporation. “We're proud to provide them (ING Bank) with a solution that will improve and support the customer delivery channel management.”

About Covast

Covast simplifies the complexity of connecting, translating and sharing electronic documents with your customers and trading partners. Covast’s integration software provides secure and reliable connectivity to the Internet and to VANs. In addition, our solutions’ robust capabilities include the seamless translation of complex file formats and documents. Covast accelerates the migration from EDI and proprietary file formats, to new open standards such as XML. With European headquarters in the Netherlands and U.S. headquarters in Atlanta, Covast has strategic relationships with partners and customers including Microsoft, Compaq, ABN AMRO, ADC, KLM, and ING. For more information, visit www.covast.com.

About ING

ING Group is a global financial institution of Dutch origin, active in the field of banking, insurance and asset management in 65 countries employing more than 100,000 employees. ING seeks to provide a wide range of financial services to private, corporate and institutional clients through a variety of distribution channels, giving them the freedom to choose the option which best suits their individual needs.

About MaXware

MaXware Benelux is part of EDB Business Partner ASA, the largest independent Norwegian system integrator (Oslo stock exchange: EDB). MaXware's mission is to be the premier solution provider based on leading competence and best of breed products. Its secure solutions enable access, exchange and management of business information. MaXware competencies are acknowledged in the areas of (meta) directories, security, messaging and financial services (e-Invoicing, Internet Banking and Payment Gateways). MaXware's customers are mainly larger companies, financial organizations, telecommunication providers and service providers.

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