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FOR IMMEDIATE RELEASE

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SECURITY FIRST NETWORK BANK TEAMS WITH PSINET'S PIPELINE TO OFFER INTERNET BANKING SERVICES

Herndon, VA, March 14, 1996 -- PSINet Inc. (Nasdaq: PSIX) and Security First Network Bank, FSB, the world's first full-service Internet bank, today announced an alliance to offer Internet banking to U.S. customers of PSINet's award-winning Pipeline service.

For a limited time, new and existing Pipeline customers who open and utilize a Security First Network Bank checking account will receive a credit toward their Pipeline account. Existing Pipeline customers will receive a credit for three months of service, and new customers will receive a credit for four months of service from Pipeline, an international Internet online service.

FDIC-insured Security First Network Bank customers can conduct their banking transactions 24-hours a day, 7-days a week, 365-days a year from any PC with a secure Web browser, such as Netscape Navigator or Internet Explorer, and a Pipeline subscription.

Via the Internet, Security First customers can access checking account information, pay bills, view digital images of cleared checks and interact with customer service representatives, with no monthly fees or minimum balance. By utilizing the efficient and cost-effective Internet as its delivery channel, Security First is able to offer its customers no-fee checking, as well as CDs and money market accounts which also may be opened online.

"Security First offers our customers the type of services they look for and expect ," said Kurt Baumann, vice president marketing, consumer services for PSINet. "Our alliance with Security First brings the bank of the future to households across the U.S. today. We're happy to help make that happen."

"We are extremely pleased to bring real, transactional banking to Pipeline customers. Together, Security First and Pipeline enable anyone with a computer and a modem to pay bills, view real-time account statements and reap the benefits of FDIC-insured CDs and money market accounts, all via the World Wide Web," said Michael S. Karlin, president of Security First. "Additionally, Pipeline users can enjoy all of the other benefits of banking with us: no monthly fees or minimum balance requirements for checking, free 24-hour customer service and global accessibility."

Headquartered in Herndon, VA, with an established, content-rich Virtual Neighborhood in New York City, Pipeline offers an Internet online service with unlimited Internet access at a flat monthly rate. Pipeline recently received PC Magazine's 'Editors Choice' award as an excellent package for new users. The Winter 1996 edition of Your First PC describes Pipeline as "the best nationwide Internet service provider." Pipeline software is available free by calling 1.800.827.7482 and through nationally-recognized resellers and retail outlets. Pipeline software can be downloaded from the web page at http:// www.pipeline.com.

PSINet is an Internet-optimized network which currently has 305 points-of presence (POPs) worldwide. Internet access options range from modem dial-up and ISDN for telecommuters and small office LANs to dedicated high-speed circuits for corporate connectivity. PSINet has defined industry standards and is a leader in technological innovation and new service development. The company has its headquarters in Herndon, VA with sales and field service offices across the US, Cambridge, England, Toronto, Canada and Tokyo, Japan. Further product availability and pricing information can be obtained by calling 703/904-4100; through PSINet's Web site at http://www.psi.net; or by sending an e-mail request to info@psi.com.

Security First Network Bank, FSB, the world's first Internet bank, opened its doors to the Internet community on October 18, 1995. Within the first eight weeks of operation, Security First received applications for approximately 1,000 personal checking accounts and opened accounts for customers in more than 40 states. Ranked the "Best of the Net 1995" top financial site by Interactive Age, Security First has won numerous awards, including The Microsoft Network's top pick of the week in business and finance.

Based in Pineville, Ky., FDIC-insured Security First provides its services using Virtual Bank Manager (VBM), a software system created by and licensed through Five Paces, Inc., Atlanta. Utilizing a multilayered security platform, Security First online transactions are protected by the same trusted operating system used by the U.S. Department of Defense and other military and intelligence agencies.

All brands, products and service names mentioned are trademarks or registered service marks of their respective owners.

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(c) 1995 PSINet.

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