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Technological Vision Background & Philosophy Our Team Client & Partners Press Room Contact Us BISYS Implements Automated Solution for Opening IRA Rollover Accounts January 27, 2004 - BISYS, a leading provider of business process outsourcing solutions for the financial services sector, is implementing the Rollover Solutions Network, an innovative technology platform that automates opening IRA rollover accounts and facilitates paperless distributions. Wealth Management Systems Inc. (WMSI), a leading provider of technology services for the financial industry, developed the platform. WMSI's Rollover Solutions Network, which will be accessible through BISYS' sophisticated Web site for retirement plan participants, automates numerous time-consuming and error-prone manual processes. Functioning as an electronic interface between BISYS' recordkeeping platform and various applications used to open brokerage accounts, the platform facilitates real-time openings of IRA rollover accounts and electronically processes participant distributions by routing retirement plan account data to retail account opening systems. The platform also supports providers of retirement services and retirement plan sponsors with insights into participants' behavior and their decision-making processes by automatically tracking distribution and rollover activity. According to Christopher Guarino, president of BISYS Retirement Services, "We expect the Rollover Solutions Network will enhance the experience of retirement plan participants by further empowering them to make informed investment decisions about their distribution options with online access to comprehensive educational information and self-service distribution capabilities. Our bank and investment management clients continually look for innovative solutions that can help them retain assets, and automating the IRA rollover process will support this fundamental business goal. Automating the IRA rollover and distribution processes also will address an industry-wide need for retirement services providers, and enable our plan sponsor clients to enhance their participant services. This platform also will enable BISYS to increase productivity and reduce operating costs by eliminating the traditional paperwork and check processing requirements." Tom Loch, chief technology officer of Wealth Management Systems Inc., added, "We identified the significant benefits that would be generated by streamlining account openings and distribution processing. Our ability to facilitate this additional structure in the IRA marketplace enables providers of retirement plan recordkeeping services like BISYS to integrate their distribution services with multiple financial institutions, which ultimately enables retirement plan participants to evaluate and select the appropriate IRA provider regardless of the investment amount." The Rollover Solutions Network will be fully interfaced with BISYS' recordkeeping platform during the second quarter of 2004, and is systematically being implemented to support its plan sponsor and retirement services clients. About Wealth Management Systems Inc. Wealth Management Systems Inc. (WMSI) is an expert technology consulting company that provides business analysis, design, development, and deployment of Internet applications supporting financial service organization initiatives for the employee benefits industry. Founded in 2000, WMSI developed technology solutions for institutional employee benefit practices. WMSI's Web sites currently service more than 25,000 plan sponsors and 8.5 million participants, and coordinate the processing of more than 45,000 transactions on a daily basis. The company's Rollover Solutions Network is currently being implemented across multiple systems-of-record and is quickly becoming the industry standard for automated distribution and IRA Rollover processing. Wealth Management Systems Inc. is a privately held technology company headquartered in Princeton, N.J. Additional information about the company is available at www.wealthmsi.com. About BISYS Retirement Services BISYS is the nation's largest independent administrator and recordkeeper for small and mid-size retirement plans, offering every component of a sophisticated retirement plan infrastructure, including prototype plan design and maintenance, plan administration, forms and documents, customized marketing and sales support materials, reference resources, a toll-free help line for ongoing access to industry expertise and assistance, Web-based planning tools and content, staff training and development, and a turnkey administration and recordkeeping solution for Individual(k) plans. Through its relationships with 40 institutional clients, BISYS' technology-driven retirement services support more than 18,000 company-sponsored 401(k) plans, representing approximately 1.5 million eligible employees. BISYS also supports approximately 400,000 employers and four million IRA holders with ERISA documents and related support services, and trains approximately 12,000 retirement industry professionals annually. About BISYS The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City, provides business process outsourcing solutions that enable investment firms, insurance companies, and banks to capitalize on convergence by entering new segments of the financial services industry. BISYS currently supports more than 22,000 domestic and international financial institutions and corporate clients through three business units. Its Investment Services group provides administration and distribution services for approximately 370 clients, representing approximately 2,200 mutual funds, hedge funds, private equity funds, and other alternative investment products with approximately $750 billion in assets under administration. BISYS' largest group also provides retirement services to more than 18,000 companies in partnership with 40 of the nation's leading banks and investment management companies, and offers analytical research and competitive information through its Financial Research Corporation (FRC) subsidiary. Through its Insurance and Education Services group, BISYS is the nation's largest independent distributor of life insurance and the premier provider of the support services required to sell traditional and variable life, long-term care, disability, and annuity products. BISYS is also the nation's second largest independent wholesale distributor of commercial property/casualty insurance. This group complements its insurance distribution services with a comprehensive compliance management solution that supports insurance and investment firms and professionals with more than 215 certification and continuing education training courses, and a sophisticated suite of products and services that automates the entire licensing process. BISYS' Information Services group supports approximately 1,450 banks, insurance companies, and corporations with industry-leading information processing and imaging solutions, turnkey asset retention solutions, and specialized corporate banking solutions. Additional information is available at www.bisys.com. Back to Press Room Press Release Archives Looking for a press release? Please select from the archives below: Press Room 2006/2007 Press Room 2005 Press Room 2004 Press Room 2003

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