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LINDA ELLIOTT JOINS GLENBROOK PARTNERS

Payments Veteran Adds Identity and Technology Expertise to Consulting Firm

Menlo Park, CA -- September 21, 2005 -- Glenbrook Partners, a leading financial services consulting and research firm, today announced that industry executive Linda Elliott has joined the firm as a partner. With 20 years experience in payments, as well as her recent work in digital identity, Linda is an expert in payments systems technologies, policy, and governance.

"Linda brings to Glenbrook deep business and systems experience at the center of global payment systems," said Scott Loftesness, a managing partner with Glenbrook. "Her leadership at the intersection of payments and identity management helps Glenbrook bring new insights and strategies to both our financial services and financial technology clients."

Before joining Glenbrook, Linda was a founding executive of Ping Identity where she worked with leading industry groups and commercial adopters of identity federation to create effective business frameworks for federation. As an industry visionary, she spoke frequently at industry events and published numerous papers on the evolution of the federation landscape, as well as liability and regulatory compliance issues in digital identity.

"Linda brings a unique perspective on the impact of technology on the enterprise. As a Visa senior line executive, she saw and managed the daily impact of payment system changes on major bank and merchant users of the system," said Carol Coye Benson, a managing partner with Glenbrook. "At Ping, she was an early thought leader on identifying the business, policy, and technical changes that banks and other enterprises need to implement in order to `identity enable` their business."

Prior to Ping, Linda served as an executive vice president of Visa International for the global Visa payments systems, and Electronic Commerce initiatives, and was the founding policy and strategy officer of Inovant, Visa`s wholly owned payments processing arm. During Linda`s extensive career at Visa, she was responsible for implementation of global multicurrency operations, Visa debit and cash card systems, and electronic commerce systems ranging from interactive banking and bill payment to the use of digital certificates for eCommerce. Linda also had responsibility for all Visa systems, including the online real-time authorization system and the global clearing and settlement systems.

"Linda brings our clients a deep understanding of global payment systems," said Allen Weinberg, a managing director with Glenbrook Partners. "Combined with her ability to balance business strategy and technical strategy, our clients now have a strong resource to help them respond to the dynamically changing world of payments."

About Glenbrook Partners
Glenbrook Partners is a consulting and research firm that helps companies leverage the electronic delivery of financial services, with particular focus on payments, risk management, digital identity, and authentication. The firm helps clients with strategy definition, product development, and the application of technology to solveleading edge problems in the financial services industry.

For more information, visit http://www.glenbrook.com/.
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