May 1, 2003, 9:30am Eastern Time

Open Information Systems Announces Conversion of Leading Midwest Bank to Money Market Manager

SANDY HOOK, CT, May 1, 2003 - Open Information Systems, a leading provider of Web Enablement and Corporate Trust Accounting systems, announced today that a major Midwest bank has completed its conversion and implementation to Open Information Systems' Corporate Trust application, Money Market Manager, (M3). M3 will provide Internet access to the client's extensive commercial paper and medium term note operations in the US and Europe.

The application links the bank's leading Corporate Trust department with it's clients for transaction entry, approval and reporting services. Direct issuers of Commercial Paper are able to communicate new transactions to the bank on a real time basis over a secure Internet connection. They are then forwarded to the DTCC allowing the bank to achieve hands off Straight Trough Processing (STP). Open Information Systems developed the application using the firm's proprietary Information Manager™ and Money Market Manager™ products. OIS is providing a complete turnkey solution including development, branding, system's integration and training services.

"The installation was delivered on time and has allowed the bank to put a new face on their product set. A Windows based application has been replaced with an Internet based one; our Work Flow Manager delivers a high degree of STP; customers that issue in multiple countries can now view their relationship as a single global enterprise and not isolated accounts and the maintenance per client has dropped dramatically," said Tom McMackin, Co-founder and Chairman of Open Information Systems. "The bank is one of the Corporate Trust industry's largest service providers and the installation further establishes OIS as one of the industry's leading suppliers of global Corporate Trust solutions."

"OIS has made a significant investment in its Corporate Trust software over the past year to fully internationalize our products with new features such as multi-language and multi-calendar and time-zone support. We will continue to invest our products and in the coming months and expect to bring out Bond and Structured Finance applications early next year," continued McMackin. "Our client base is expanding and we expect to offer them an increased set of services and products to keep up with their business requirements and insure them that they have the most innovative and cost effective solutions to their operational issues."

Since 1994 Open Information Systems, (OIS) has been providing innovative Internet based solutions to Fortune 1000 companies worldwide. OIS' ability to rapidly deliver custom branded Corporate Trust and Internet solutions for the data delivery and transaction initiation needs of the Financial Services Industry is without parallel. OIS' clients include some of the most prestigious banks, brokerage firms and insurance companies from around the world including J.P. Morgan Chase, Citibank, Bank of Tokyo, U.S. Bancorp, BankOne, Deutsche Bank and SEI Investments. OIS is the only software firm with a major research and development program focused on the Corporate Trust market. Open Information Systems is a privately held company located in Sandy Hook, CT. For more information about the company and its products visit www.openinfo.com.

For further Information, please contact:
Tom McMackin
Principal
Open Information System
Tel 203 270 4530 x105
tcm@openinfo.com

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