PNC

PNC Bank Implements VICOR’s RIDS Platform to Standardize Wholesale Lockbox Technology

Contact: Bob Murphy
VICOR, Inc.
510-621-2047 or rmurphy@vicor.com

RICHMOND, CA, October 3, 2005 - VICOR, Inc. today announced that PNC Bank, N.A., a member of The PNC Financial Services Group, Inc., is standardizing its national wholesale lockbox processing network with VICOR’s RIDS (Receivables Information Delivery System) platform. RIDS is an advanced payment processing and receivables management platform that enables financial institutions to deliver images and robust transaction data to their corporate customers.

PNC Bank is one of the Top Ten largest treasury management providers in the U.S. and a VICOR customer since 2000. PNC Bank’s standardization effort expands the RIDS configuration now installed across its national lockbox network in Atlanta, Boston, Chicago, Dallas, Los Angeles, Philadelphia and Pittsburgh. The complete receivables processing infrastructure delivered by RIDS provides PNC Bank with the flexibility to process multiple types of work – non-image, image and specialized transaction processing – on a single platform. Since 2000, PNC Bank has operated both the RIDS configuration as well as a fully depreciated legacy platform. The single lockbox platform is expected to reduce PNC Bank’s overall cost of technology ownership through the operational efficiencies and service benefits that the VICOR platform offers.

“The expanded VICOR platform will enable PNC Bank to consolidate its lockbox systems and achieve a consistency of infrastructure that provides better flexibility, reliability and scalability for future growth,” explained VICOR President and CEO Bob Kirk. “The bank’s decision to standardize on RIDS completes a process that began five years ago with the initial installation of RIDS.”

“VICOR has demonstrated to PNC the ability of RIDS to not only drive volume, revenue and profit growth, but to also deliver operational savings,” said Steve Stone, senior vice president at PNC Bank, the only bank to achieve an A+ rating for all aspects of wholesale lockbox in the 2004 Phoenix-Hecht Quality Index. “We are familiar with the quality and capabilities of VICOR’s technology and support staff, and we are confident that standardizing our lockbox platform will offer all PNC customers an advanced suite of services for improving access to their financial data.”

The expanded use of RIDS by PNC Bank reflects the continued momentum in VICOR’s receivables technology business, which has won three major contracts this year from prominent banks. “VICOR’s total package of software, services and support has made RIDS the technology standard in wholesale lockbox processing and the choice of the nation’s leading financial institutions,” stated Mike Dignen, senior vice president, national account management, at VICOR. “Our technology allows banks to effectively manage any transaction, anywhere.”

About PNC Bank

PNC Bank, N.A. is a member of The PNC Financial Services Group, Inc., one of the nation's largest diversified financial services organizations providing consumer and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services. For more information, visit www.pnc.com.

About VICOR, Inc.

VICOR is a leading provider of image-enabled receivables processing and management solutions. The company’s flagship product, RIDS (Receivables Information Delivery System), is the first payment processing and cash management platform to offer full color images and intra-day delivery of receivables information via the Internet and other publishing options. Currently installed in 24 sites, RIDS processed over 180 million transactions in 2004, representing more than $1.1 trillion. VICOR is headquartered in Richmond, CA, and is privately held. For more information, contact 510-621-2000 or visit www.vicor.com.