Bestning Commits $1,000,000 USD for the Development of Financial Web Services Based on IFX Standards

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Bestning Commits $1,000,000 USD for the Development of Financial Web Services Based on IFX Standards

PrIFXBestning_april03

San Jose, CA, April 8, 2003 - BESTNING Technologies announces that they will invest one million USD to develop Financial Web Services based on IFX Standards. Financial Web Services will enable financial institutions to interchange their financial information to use a common messaging platform across all delivery channels.

Financial Services customers have told us "By following IFX standards, we can lower costs and speed time to market for interchanging financial information with our partners," said Hsin Ning, President of Bestning Technologies.

Paul Roth, Chief Technology Officer of CommerceQuest (http://www.commercequest.com) said, "Web services provides universal connectivity for enabling and integrating heterogeneous systems across the enteprise; however a comprehensive and trusted security infrastructure must be established for Web services to enable broad use for exchanging financial information between enterprises in the Financial Services industry."

Mr. Ning also said, "BESTNING will support security for financial multiple XML message by means of implementation on Key-Elementary Encryption, Multiple-Elementary Signature, and TimeStamp-Elementary Identification."

HSIN continued, " IFX version 1.4, enables ATM and POS deployers to use a common messaging platform across all delivery channels, offering lower cost and faster time to market for new banking services. We plan to provide peer identification, peer authentication, and interoperable access controls which will form the foundation for securing end-to-end financial transactions for our clients"

About Bestning Technologies

Bestning Technologies, located in San Jose ,CA is a wide range provider of XML security solutions. Bestning's flagship product, BOXML is a set of software tools which provides user with simple-to-use and trust-to-security for XML document.

If you would like more information about the Bestning Technologies, please contact: Bestning Technologies, 2128 N. First Street, San Jose, CA 95131; Phone - 408-436-8353; Fax - 408-441-8812, Email:ningsin@Bestning.com; Web: www.Bestning.com.

About the IFX Forum

The IFX Forum is made up of leading financial institutions, service providers and software vendors. Membership to the IFX Forum is open to anyone interested in contributing to the development of open financial standards that harness the power of XML. The IFX Forum is currently organized into the following working groups: ATM/POS; Business Banking; Electronic Bill Presentment & Payment; and Web Services. IFX Forum working groups, in concert with an Architecture Committee to coordinate their efforts, develop open Internet-compatible messages for all sectors of the financial services industry. To learn more about the benefits of IFX Forum membership, please visit http://www.IFXForum.org.

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