Checkfree Corp (MM) (NASDAQ:CKFR)
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CheckFree Investment Services Evolves CheckFree APL(TM) Into a
Next Generation Web-based Offering; Renames Leading Technology Platform
CheckFree EPL(TM) to Emphasize an Enhanced Portfolio Lifecycle
-- CheckFree EPL will Set a New Standard as a Platform to Enable Clients to
Grow and Administer Institutional and Fee-Based Accounts --
ATLANTA and JERSEY CITY, N.J., Nov. 11 /PRNewswire-FirstCall/ -- CheckFree
Investment Services, a division of CheckFree Corporation (NASDAQ:CKFR), today
announced the next phase of a transformation to evolve the technology,
workflows and services currently available through CheckFree APL(TM), its
market leading technology platform. The next generation, called CheckFree
EPL(TM) (Enhanced Portfolio Lifecycle), is Web-based and designed with
Microsoft(R).NET technology to deliver superior business, operational and cost
efficiencies to broker/dealer firms, money managers and registered investment
advisors.
CheckFree Investment Services is the leading provider of remote processing
services -- trading, portfolio management, accounting, reporting services and
data -- to broker/dealers, money managers and investment consultants. The firm
is introducing CheckFree EPL to its clients in phases. Workflow for New
Accounts, the first phase, unveiled in March 2004, is a module for streamlining
the investment management process, by enabling the industry's first real time
new account opening function between managers and sponsors. In December,
CheckFree Investment Services expects to introduce new reconciliation
functionality, creating efficiencies by providing exception process management
tools that highlight immediate risk and exceptions. Beta testing on remaining
modules of CheckFree EPL will begin in fall 2005.
"CheckFree is driving innovation in separately managed accounts and
institutional money management with an open architecture that features new web
functionality, advanced workflow efficiencies, and reduced resources required
of client firms for a lower total cost of operation," said Alex Marasco,
CheckFree Investment Services executive vice president and general manager.
"Our clients will potentially experience dramatic improvement in operating
efficiencies, making it easier for them to grow their business, launch new
products and provide more personalized attention to investors."
To achieve its time to market goals, CheckFree Investment Services has
contracted with Satyam Computer Services Ltd. as its development partner for
CheckFree EPL. Satyam is a market leader with demonstrated experience in
reengineering legacy applications to emerging platforms, using Microsoft.NET
technologies. To ensure the highest possible quality product development per
customer and market requirements for CheckFree EPL, CheckFree Investment
Services is leveraging the Six Sigma expertise and methodology that was used to
build CheckFree Corporation's electronic billing and payment platform. By
applying the Six Sigma discipline, CheckFree Investment Services will increase
quality and value on numerous fronts, including support of industry standard
protocols, transparent data exchange, multi-currency capabilities and
significant potential reduction of overall costs and operations for clients.
These enhancements, among others, will enable CheckFree clients to deliver
greater quality and value to their own customers and investors.
CheckFree EPL will support additional asset classes and instrument types,
provide real-time transaction fulfillment and other mission-critical services
such as tighter integration with internal and external systems and service
providers. The system will offer scalability for products across multiple
distribution channels, via a Web-based front-end with full reporting and audit
capabilities.
While CheckFree Investment Services is renowned in the separately managed
accounts industry, CheckFree APL is also broadly used within the institutional
money management arena. CheckFree Investment Services currently has in excess
of 100 institutional money manager clients. An enhanced CheckFree EPL will
service this marketplace through more robust multi-currency, trade order
management and cash management/margin capabilities. Through CheckFree EPL,
CheckFree Investment Services seeks to provide a single platform solution to
its money manager clients for their combined institutional business as well as
their separately managed accounts.
Currently, CheckFree APL serves as the leading separately managed accounts
platform, providing remote processing services to sponsor firms, money managers
and financial advisors for the automation of investment management, trading,
portfolio performance and investor reporting. CheckFree APL's open platform
enables approximately 80 of the top Wall Street (sponsor) firms and 125
separate account managers to interface with each other, and operate in a
straight-through processing environment. Institutional money managers also use
CheckFree APL to enter and maintain account data, manage trades and measure
portfolio performance.
About CheckFree Investment Services ( http://www.checkfreeinvsvcs.com/ )
Headquartered in Jersey City (NJ), CheckFree Investment Services provides a
broad range of technology and workflow solutions to thousands of financial
institutions in separately managed accounts and institutional money management.
The company's staff of 400 professionals operates from six offices nationwide,
including the Durham NC, location of its M-Solutions software applications.
The CheckFree APL platform is leveraged by money managers, broker/dealer firms
and investment advisors on a remote processing basis. Clients of CheckFree
Investment Services manage nearly 1.7 million portfolios totaling over $1
trillion in assets. Measured by total assets, more than half of all multiple
strategy portfolios (MSPs) are administered on CheckFree APL, making CheckFree
Investment Services a leader in the rapidly growing areas of overlay portfolio
management and MSPs.
About CheckFree ( http://www.checkfreecorp.com/ )
Founded in 1981, CheckFree Corporation (NASDAQ:CKFR) provides financial
electronic commerce services and products to organizations around the world.
CheckFree Electronic Commerce solutions enable thousands of financial services
providers and billers to offer their customers the convenience of receiving and
paying their household bills online or in person through retail outlets.
CheckFree Investment Services provides a broad range of investment management
solutions and outsourced services to thousands of financial services
organizations, which manage more than $1 trillion in assets. CheckFree Software
develops, markets and supports software applications that are used by financial
institutions to process more than two-thirds of the 10 billion Automated
Clearing House transactions in the United States. The division also provides
global trade processing, reconciliation, financial messaging, compliance and
electronic billing and statement software to hundreds of organizations across
the globe.
Certain of CheckFree's statements in this press release are not purely
historical, and as such are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. These include statements
regarding management's intentions, plans, beliefs, expectations or projections
of the future. Forward-looking statements involve risks and uncertainties,
including without limitation, the various risks inherent in CheckFree's
business, and other risks and uncertainties detailed from time to time in
CheckFree's periodic reports filed with the Securities and Exchange Commission,
including CheckFree's Annual Report on Form 10-K for the year ended June 30,
2004 (filed September 3, 2004) and Form 10-Q for the quarter ended September
30, 2004 (filed November 9, 2004). One or more of these factors have affected,
and could in the future affect CheckFree's business and financial results in
future periods, and could cause actual results to differ materially from plans
and projections. There can be no assurance that the forward-looking statements
made in this press release will prove to be accurate, and issuance of such
forward-looking statements should not be regarded as a representation by
CheckFree, or any other person, that the objectives and plans of CheckFree will
be achieved. All forward-looking statements made in this press release are
based on information presently available to management, and CheckFree assumes
no obligation to update any forward-looking statements.
DATASOURCE: CheckFree Corporation
CONTACT: Media, Judy DeRango Wicks, +1-678-375-1595, or
, or Investor relations, Tina Moore, +1-678-375-1278, or
, both of CheckFree Corporation
Web site: http://www.checkfreecorp.com/
http://www.checkfreeinvsvcs.com/