Akshay Press Release – 29 November 2011

Akshay goes live with US SWIFT Connection and 7.0

Makes significant enhancements to SWIFT delivery capabilities

(Princeton, NJ – 29 November 2011) – Akshay Software International, Inc., a SWIFTReady Services Provider, SWIFT Service Bureau, and SWIFT Value Added Reseller, announced today that the Service Bureau operated by the partnership between Akshay and Financeware went live with US based connectivity to SWIFT and with the new version 7.0 on 7 November 2011.

"The US is our largest market both in terms of number of customers and in terms of growth rate and so establishing a US data center a few years ago and now going live with a SWIFT connection in the US was a natural result of that. ", said Juan Taberner, Managing Director of Financeware. "We haven't just upgraded to 7.0 but taken advantage of the new features in 7.0 to enhance our SWIFT offering."

As a result of the upgrade to 7.0, Akshay and Financeware are now able to offer:

• Fully browser-based interface.
•  Best practice resilience with the implementation of Database Recovery (available from SWIFT and using Oracle's recovery capability).
• Best practice IT architecture with separation of GUI, application / database and communication layers.
• Web Services offering enhanced and custom reporting capabilities.
•  RMA capability for FileAct

“With over 90 customers and hundreds of users in over 20 countries in four continents, this wasn't a small project", said B.V. Venkat, Senior Vice President of Akshay. “Moreover, our decision to go live with the US SWIFT connectivity implementation at the same time and also take full advantage of 7.0 added to the complexity of the project. We are grateful to our customers who came through for us when it counted. Without their support, we could not have done it”.

Akshay's second customer after the US launch of its Service Bureau had this comment to make on the migration “Akshay began the planning exercise with their first communication to us 2 months in advance of the migration date”, said Amy Sahm, Vice President and Manager, International Group at Fulton Bank, the largest affiliate of Fulton Financial Group, a $16 billion dollar financial company based in Lancaster, Pennsylvania. “The upgrade was completed on the scheduled date and any post upgrade issues were resolved quickly. We've been an Akshay customer for nearly 5 years and look forward to continuing and building on our relationship.”

For more information contact:
Mr. B.V. Venkat
Akshay Software International, Inc.
+1 609 945 2963
bvv@akshay.com
www.akshay.com