Dresdner upgrades its processing platform with Calypso

San Francisco, 24 May 2001 – Calypso Technology, Inc. announced today that Dresdner Bank has chosen Calypso for its foreign exchange (FX) processing.

"We are building the capability to become a leading provider of insourcing solutions in our Transaction Banking Division," said John Orton, Head of IT, Global Cash Management & Treasury Solutions. "Calypso technology provides us with the flexibility, responsiveness and scalability that we need to succeed in this market. We also like the Calypso people and the fact that they are willing and able to help us meet our very aggressive schedules."

Dresdner will install Calypso in Frankfurt where it has already consolidated settlement of its entire global FX business. The Calypso application will run round the clock in the Bank's state of the art e-commerce "web farm" environment, replacing a number of host-based systems.

Once the system is operational, Dresdner intends to offer trade-processing services to its corporate clients. The ability to scale up at low marginal costs will be key to the success of this effort. "We benchmarked Calypso to ensure that it can handle many times our current bank-wide volumes," said Dr. Christian Dachtler, Project Manager. "Moreover, we liked that Calypso has been designed to support an insourcing business."

"Competitive pressures often pull banks in seemingly opposite directions: cut spending to become more efficient, increase spending to innovate," said Charles Marston, CEO of Calypso. "These are mirror images of the same problem. The right technology solution can make possible both lower costs and new services. This vision has guided the development of our product. We are delighted that Dresdner Bank was quick to see this combined value, and we look forward to working with them."

About Dresdner Bank AG
The Dresdner Bank Group is active worldwide with around 1,500 branches and over 50,000 employees in more than 70 countries, including all the major financial centers. Ranked by total assets, market capitalization and size of customer base, Dresdner Bank is one of Europe's leading banking groups.