MALVERN, Pa., June 12, 2003 ¾ Sanchez Computer Associates Inc. (Nasdaq: SCAI), a leading global financial software and services provider, today announced the first deployment of a core processing system for a banking institution on the Linux operating system. First Mortgage KFT of Hungary is using the Sanchez Profile(tm) core processing system, the Profile® for Windows® customer servicing platform, and the Sanchez FMS(tm) accounting system to aid its drive into the Hungarian home mortgage market.
"The open source power of Linux has the potential to enable banking institutions, such as First Mortgage, to gain significant system operating advantages, including cost savings, performance, and a new level of flexibility," commented Michael Haney, senior analyst, Celent Communications, a Boston-based research and advisory firm. "Sanchez is showing significant market leadership by demonstrating that Linux, once thought only suitable for edge services, can indeed be used to successfully deploy business-critical core transaction processing systems."
First Mortgage is an outsourcing partner of EuroDirekt National Savings, Hungary's first online discount savings association. EuroDirekt, currently offering savings products, is increasing its focus on implementing new systems to power a broader set of product offerings that will enable the savings association to stay competitive. With Hungary's home mortgage market expected to rise over the next few years, First Mortgage was created to head up the launch of new loan products - which will entail the opening of a small number of branches in select locations.
"Sanchez is delivering more than a core processing solution. The company is working with us to implement a strategic technology platform designed to meet our requirements both today and over time, as we evolve with the market," said Joseph Szamel, EuroDirekt National Savings. "Sanchez solutions allow us to move beyond the account- and product-centric operations found in so many of today's financial institutions and to focus on the customer. The Sanchez Profile platform offers an open, scalable solution that will enable us to quickly and cost-effectively assemble and distribute new products - critical given the expanding Hungarian financial services market."
"This first implementation of a Linux-based bank core processing system speaks to our commitment to providing innovative solutions that meet the varying needs of our clients," stated Frank Sanchez, chief executive officer, Sanchez Computer Associates. "We are proud to support First Mortgage's entry into the Hungarian financial services market and, more broadly, to help move Linux closer towards its mainstream adoption for the mission-critical activities of financial institutions."
About First Mortgage
First Mortgage is a mortgage banking outsourcing services company. It is a subsidiary of Mortgage Holding S.A., an investment of European Emerging Capital Investors. First Mortgage has two banking customers for whom it provides outsourcing services: FHB (the Hungarian Land Credit and Mortgage Bank) and EuroDirekt National Savings. The services First Mortgage provides include marketing and sales of banking products, facilities management, and banking technology support.
About EuroDirekt National Savings
EuroDirekt National Savings is Hungary's leading online, discount bank, providing unprecedented protection for its customers' deposits with complete deposit insurance underwritten by Lloyd's of London and AXA Colonia. The bank targets its Telaccount, Money Management Account product to small business and self-employed individuals. The Telaccount offers simple terms, high yield, and low cost. It is accessible online by telephone, mobile phone, and the Internet. EuroDirekt only invests its depositors' funds into treasury bills, on the interbank market, and with the Hungarian National Bank.
About Sanchez
Sanchez Computer Associates Inc. (Nasdaq: SCAI) is a global leader in developing software and services that provide banking, securities, customer integration, wealth management, and outsourcing solutions to nearly 400 financial institutions in 22 countries. For more information, visit www.sanchez.com.
From:
Sanchez Computer Associates, Inc.
40 Valley Stream Parkway
Malvern, PA 19355 USA
More information:
Sanchez Computer Associates Inc.:
Karen Tulis
Public Relations Manager
Tel: 1-610-578-4623
Fax: 1-610-296-7371
karen.tulis@sanchez.com
Greg Ryan
Investor Relations Officer
Tel: 1-610-578-4252
Fax: 1-610-296-7371
greg.ryan@sanchez.com
Or:
Monogram Communication Strategies (MCS) B.V.
Mirjam Jonker
Tel: 023 562 82 08
mirjamj@monogram.nl
This news release may contain forward-looking statements about Sanchez and may include, without limitation, statements concerning Sanchez's expectations that may impact the company's performance. When used in this news release, the words "anticipate," "estimate," "expect," "intend," "plan," "project" and variations of these words and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties. Actual outcomes could differ materially from those expressed in any such forward-looking statement due to a variety of factors including those identified in the company's Form 10-K for 2002, which was filed with the SEC on March 31, 2003, and other Sanchez filings with the Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statements. Profile is a registered trademark and Sanchez, Sanchez Profile and Sanchez FMS are trademarks of Sanchez Computer Associates Inc. All other company and product names may be trademarks of their respective organizations.