FOR IMMEDIATE RELEASE


                                                                        Contact:

                                                                   Daniel Briggs
                                     Vice President Finance & Investor Relations
                                                                  (212) 907-6134

                                                           The BISYS Group, Inc.
                                                                     (NYSE: BSG)
                                                                   www.bisys.com

                                BISYS FILES 10-K


NEW YORK, NY (September 27, 2004) -- BISYS, a leading provider of outsourcing
solutions for the financial services sector, today announced that it has filed
its Form 10-K for its fiscal year ended June 30, 2004. The filing had been
delayed while a special committee of the BISYS Board of Directors, together with
independent counsel, investigated issues raised by a current employee in its
Fund Services business, particularly in connection with the documentation
process in the Company's preparation for a SAS 70 review.

Bob Casale, the Company's chairman of the board of directors and a member of the
special committee, stated, "The special committee has completed its
investigation, and is pleased with the responsiveness and cooperation we
received from the company, its employees, and all other parties involved."

Russ Fradin, the Company's president and chief executive officer, added, "We are
happy to report that the investigation has been completed and that we have now
filed our 10-K. To address the issues identified in the investigation and any
concerns with the outstanding SAS 70 report related to our Fund Services
business, we asked PricewaterhouseCoopers LLP, the service auditor of the SAS 70
report, to re-perform the procedures necessary to reissue the report. We
appreciate their responsiveness, and expect the SAS 70 report to be re-issued
later this week."


                                     -more-

ABOUT BISYS

The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City, provides
business process outsourcing solutions that enable investment firms, insurance
companies, and banks to capitalize on convergence by entering new segments of
the financial services industry. BISYS currently supports more than 22,000
domestic and international financial institutions and corporate clients through
three business units. Its INVESTMENT SERVICES group provides administration and
distribution services for approximately 380 clients, representing more than
2,200 mutual funds, hedge funds, private equity funds, and other alternative
investment products with approximately $750 billion in assets under
administration. BISYS' largest group also provides retirement services to more
than 18,000 companies in partnership with 40 of the nation's leading banks and
investment management companies, and offers analytical research and competitive
information through its Financial Research Corporation (FRC) subsidiary. Through
its INSURANCE SERVICES group, BISYS is the nation's largest independent
distributor of life insurance and the premier provider of the support services
required to sell traditional and variable life, long-term care, disability, and
annuity products. BISYS is also the nation's second largest independent
wholesale distributor of commercial property/casualty insurance. This group
complements its insurance distribution services with a comprehensive compliance
management solution that supports insurance and investment firms and
professionals with approximately 350 certification and continuing education
training courses, and a sophisticated suite of products and services that
automates the entire licensing process. BISYS' INFORMATION SERVICES group
supports approximately 1,450 banks, insurance companies, and corporations with
industry-leading information processing and imaging solutions, turnkey asset
retention solutions, and specialized corporate banking solutions. Additional
information is available at www.bisys.com.

Except for the historical information contained herein, the matters discussed in
the press release are forward-looking statements within the meaning of the
safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and uncertainties that may
cause actual results to differ materially, including but not limited to
economic, competitive, governmental and technological factors affecting The
BISYS Group, Inc.'s operations, markets, services and related products, prices
and other factors discussed in The BISYS Group, Inc.'s periodic filings with the
Securities and Exchange Commission.


                                       ###