Checkfree Corp (MM) (NASDAQ:CKFR)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Checkfree Corp (MM) Charts. Click Here for more Checkfree Corp (MM) Charts.](/p.php?pid=staticchart&s=N%5ECKFR&p=8&t=15)
Kedrios Signs Seventh Client for Italian Trade Settlement Service
Based on CheckFree Solution
-- X-Settle is the first hosted service to handle transactions sent into the
new settlement infrastructure introduced by Monte Titoli, Italy's central
securities depository and part of the Borsa Italiana --
LONDON and ATLANTA, Sept. 21 /PRNewswire-FirstCall/ -- CheckFree Software, a
division of CheckFree (NASDAQ:CKFR), today announced that X-Settle, a new
service developed by CheckFree and its Italian partner, Kedrios, has gone live.
X-Settle is the first settlement service designed to support the recently
reorganised transaction processing infrastructure at Italy's central securities
depository, Monte Titoli (part of the Borsa Italiana group), handling volumes
of up to 10,000 transactions per hour. Seven of Italy's largest financial
institutions including Deutsche Bank, RAS Bank and Euromobiliare, have already
signed up for the service based on CheckFree's TradeFlow TPM, the de-facto
standard trade confirmation and settlement workflow solution.
Says Paulo Taddini, chief executive officer of Kedrios: "X-Settle gives our
clients a complete single-window solution that provides full connectivity,
automation and visibility into the newly improved Monte Titoli RRG Matching and
Express II settlement processes from automated operation transmission through
to matching and settlement reconciliation." Tolerances can be defined via
user-based rules and all transaction and accounting activity is visible from a
central, real-time screen. The system, which is run from the Kedrios bureau,
is currently handling over 50,000 messages and two 1.5 hour peaks a day from a
single server.
In addition to greatly enhanced operational efficiency, X-Settle delivers a new
level of risk management by providing a seamless, intelligent transaction
process across all market participants, which can be viewed and monitored
centrally from single, central point of control. Reconciling all instructions
from Monte Titoli and counterparties, X-Settle matches them against internal
trade records to produce either aggregated 'net' or 'gross' views of all
transactions -- those settled, pending or requiring action. These parameters
can be defined or changed easily via user-based rules, and all transaction and
accounting activity is visible from a central real-time screen. The system, run
from the Kedrios bureau, is extremely robust, handling over 50,000 messages a
day from a single server, with the scalability to meet future demands.
When Monte Titoli restructured its operations, it meant that trade processing
systems in the Italian market had to be changed correspondingly -- both in
terms of formatting and message cycles. The fact that X-Settle was developed in
under six months highlights the underlying flexibility of its design.
Rajive Samarasinhe, business development manager Italy, CheckFree Software,
explains, "CheckFree's rules-based configurability enabled us get to market
early to support Monte Titoli's new settlement infrastructure. Many of
Kedrios' existing customers have already signed up for X-Settle and they
anticipate strong interest since X-Settle not only streamlines the settlement
process, but provides a level of de-risking previously unavailable."
"Kedrios' knowledge of the Italian financial market combined with CheckFree's
expertise in developing STP and financial messaging solutions, has enabled us
to bring a unique service to market," said Amery Thomas, senior vice president
of International Operations for CheckFree Software. "In a few short months it
has already attracted an extraordinary level of interest and looks set to
become the de facto standard for trade settlement and reconciliation services."
About Kedrios ( http://www.kedrios.com/ )
Kedrios is a leading provider of information technology, administration and
consultancy services for back office use by investment management companies and
securities brokerage firms in Italy. Kedrios provides a range of outsourcing
services addressed to the back office and administrational needs of the
financial services industry in Italy, and in particular investment management
companies and securities brokerage firms.
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 $900 billion 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 thousands 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). 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 Investors, Tina
Moore, +1-678-375-1278, both of CheckFree Corporation; or UK Media, Elaine
Graham, +44-0-7919-554660, or , for CheckFree
Web site: http://www.checkfreecorp.com/
http://www.kedrios.com/