Scotiabanks Web Merchant product launches with E-xact Transactions Technology

E-xact Transactions technology has been incorporated into Scotiabanks newest e-commerce product -- ScotiaMerchant Web Payment Plug-in.

Scotiabanks Web Merchant product launches with E-xact Transactions Technology

Toronto, February 12, 2002 -- E-xact Transactions Ltd. (CDNX: EXZ.U) announced today that its Web-based credit card payment processing technology has been incorporated into Scotiabanks newest e-commerce product -- ScotiaMerchantâ Web Payment Plug-in.

By plugging in" E-xacts software to a business Website or call centre, merchants can offer their customers the convenience of secure online credit card processing, without having to store customer credit card information.

At Scotiabank and our e-commerce subsidiary e-Scotia, we are committed to providing our business customers with new and innovative products," said Albert Wahbe, CEO of e-Scotia and Executive Vice-President of Scotiabanks Electronic Banking. With this latest offering we are making it easier for our customers to do business on the Internet."

E-xacts software allows ScotiaMerchantâ Web Payment Plug-in customers the flexibility of real-time, batch or recurring transaction processing, depending on the unique business need of each customer.

With ScotiaMerchantâ Web Payment Plug-in, businesses can enjoy the simplicity and security of having their customers information stored securely by Scotiabank," says Peter Fahlman, CEO of E-xact Transactions. Access to transaction details, history and administrative functions through a Web browser means that companies can save time and money and focus on serving the needs of their customers."

About E-xact Transactions Ltd. (CDNX: EXZ.U)
E-xact Transactions Ltd. specializes in the real-time, secure movement of financial information through IP-based Point-Of-Sale interfaces. E-xact provides quick, easy and affordable transaction solutions for merchants and corporate businesses. Whether it be creating automated payment processing for Websites, billing cycles for subscription and other recurring payment services, card-swipe and PC terminals for brick & mortar outlets, or full provisioning for an enterprise-wide platform -- E-xact offers a wide range of credit card purchase capabilities and full administrative Web interfaces for all transactional data.

Additionally E-xact offers on-line automated provisioning services through SpeedyMerchant for banks and other credit-assessment agencies. For further information please visit E-xacts Website: www.e-xact.com.

About Scotiabank
e-Scotia is Scotiabanks e-commerce subsidiary specializing in e-commerce products, sales and services. Scotiabank is one of North America's premier financial institutions, with more than $284 billion in assets and approximately 51,000 employees worldwide, including affiliates. It is also Canadas most international bank with more than 2,000 branches and offices in more than 50 countries. Scotiabank is on the World Wide Web www.scotiabank.com. For more information on ScotiaMerchant Web Payment Plug-in please visit www.scotiabank.com/paymentplug-in.

For additional information, please contact:

Peter Fahlman
CEO, President, E-xact Transactions (Canada) Ltd.
Email: pfahlman@e-xact.com
Phone: (604) 691-1670 ext. 672

The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties. E-xact Transactions actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to competition, general economic conditions, currency fluctuations and other risks detailed in the company's filings with the Canadian securities regulatory authorities and the U.S. SEC filings.