Checkfree Corp (MM) (NASDAQ:CKFR)
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CheckFree Investment Services Launches New Galaxy Functionality For Automating
and Simplifying Transfer of Execution Prices Among Separately Managed Account
Sponsors and Managers
ATLANTA and JERSEY CITY, N.J., Nov. 10 /PRNewswire-FirstCall/ -- CheckFree
Investment Services, a division of CheckFree Corporation , today announced new
progress in an industry drive to simplify workflow procedures in separately
managed accounts, with new Galaxy functionality that automates the transfer of
execution prices among sponsors and managers. Galaxy refers to the transfer of
data among a vast network of sponsors and managers on CheckFree APL, the premier
separately managed accounts platform. CheckFree Investment Services is the
leading provider of outsourced trading, portfolio management, accounting,
reporting services and data to broker/dealers and money managers in separately
managed accounts.
Separately managed account managers often participate in numerous sponsor
programs. Prior to the new Galaxy functionality, managers were required to
manually log into each sponsor platform to obtain and post execution prices.
"Our new Galaxy tool is significant in helping managers eliminate several manual
steps, providing tremendous time savings and efficiencies," said Alex Marasco,
CheckFree Investment Services executive vice president and general manager.
The new Galaxy functionality automatically sends prices to a manager's directory
upon execution of a trade block. The process is mirrored for managers
submitting blocks to the sponsor's directory for execution: once the trade is
fully executed on the sponsor's directory, prices are automatically sent back to
the manager and applied to their directory.
"We have completely embraced this new Galaxy functionality from CheckFree," said
Dymphna Hurley, wrap trader with Boston-based Frontier Capital Management
Company LLC. "It enables our firm to efficiently capture execution prices from
our broker/dealer relationships, which means that our accuracy rate increases
and I save more time." Frontier Capital has been a client of CheckFree APL
since 1992.
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 39 of the top 50 Wall Street (sponsor) firms and 36 of the
top 40 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 investment management services to thousands of financial
institutions. The company's staff of 350 professionals operates from six
offices nationwide, including Research Triangle Park, location of its M-
Solutions software applications: M-Search, the leading separate accounts manager
database and analytical tool; M-Pact, a Web-based, enterprise solution for
manager analysis, reporting and proposal generation; and M-Watch, a performance
reporting and measurement system. Clients of CheckFree Investment Services
manage more than 1.3 million portfolios totaling more than $700 billion in
assets. The CheckFree APL platform is leveraged by asset management,
broker/dealer firms and investment advisors on a remote processing basis.
About CheckFree ( http://www.checkfreecorp.com/ )
CheckFree (NASDAQ:CKFR) is the leading provider of financial electronic commerce
services and products. Founded in 1981 and celebrating its 23rd year in
e-commerce, CheckFree is comprised of three divisions: Electronic Commerce,
Software, and Investment Services. CheckFree launched the first fully integrated
electronic billing and payment solution in 1997. In the quarter ended September
30, 2003, more than 11 million consumers initiated online payments through
services offered by CheckFree's Electronic Commerce division. Electronic billing
and payment is available through more than a thousand financial services
organizations, including banks, brokerage firms, Internet portals and personal
financial management (PFM) software. At these sites, consumers are able to
electronically receive and pay about 300 bills, representing the bills most
common to a U.S. household. CheckFree delivers nearly 15 million e-bills each
quarter.
CheckFree's Software division provides solutions through three operating units:
CheckFree ACH Solutions, CheckFree Financial and Compliance Solutions (CFACS),
and CheckFree i-Solutions. CheckFree ACH Solutions provides software and
services that are used to process more than two-thirds of the nation's nine
billion Automated Clearing House payments, while CFACS provides reconciliation
and compliance software and services to more than 500 organizations in the
banking, brokerage, utility, retail, insurance and credit card industries, among
others. CheckFree i-Solutions is the leading provider of e-billing and
e-statement software and services for both business-to- consumer and
business-to-business applications, with more billers as clients than all of its
competitors have combined.
Certain of the Company'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 the Company's
business, and other risks and uncertainties detailed from time to time in the
Company's periodic reports filed with the Securities and Exchange Commission,
including Company's Form 10-K for the year ended June 30, 2003 (filed September
15, 2003) and Form 8-K (filed October 21, 2003). There can be no assurance that
the forward-looking statements made in this document will prove to be accurate,
and issuance of such forward-looking statements should not be regarded as a
representation by the Company, or any other person, that the objectives and
plans of the Company will be achieved. All forward-looking statements made in
this press release are based on information presently available to management,
and the Company assumes no obligation to update any forward-looking statements.
EDITOR'S NOTE: For media inquiries regarding CheckFree Investment
Services, please contact Tim Lane with Aah!Communications, Inc. at
212-685-7322 or tlane@aahcommunications.com
DATASOURCE: CheckFree Corporation
CONTACT: Media, Judy DeRango Wicks, +1-678-375-1595, or email,
, or Investor relations, Tina Moore, +1-678-375-1278, or
email, , both of CheckFree Corporation
Web site: http://www.checkfreecorp.com/
http://www.checkfreeinvsvcs.com/
Company News On-Call: http://www.prnewswire.com/comp/821650.html