ATLANTA and LONDON, Jan 24, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- CheckFree
Corporation (Nasdaq: CKFR) today confirmed it has successfully completed the
SWIFTNet Testing and Certification Service Proof of Concept (POC) project for
ISO 15022 corporate actions messages. CheckFree is a leading provider of
technology and services for the financial services industry, including
sophisticated, high-volume solutions for middle-office, back-office and
corporate actions automation.
The project tested the validity of ISO 15022 corporate actions
notification messages, submitted by CheckFree eVent(TM) against the recently
published guidelines by the Securities Market Practice Group (SMPG). SMPG is
an industry group focused on defining and documenting securities industry
communications practices using ISO 15022 principles.
This POC is the first step in a SWIFT (the Society for Worldwide Interbank
Financial Telecommunication) initiative to test automated corporate actions
notification messages for compliance with SMPG's guidelines, and also gauge
support for future testing and certification. An additional goal of this
initiative is to look at ways to improve the overall quality and adoption of
ISO 15022 corporate actions messages, leading to improved straight-through
processing (STP) and reduced risk in corporate actions processing.
CheckFree's eVent solution successfully submitted more than 55 different
event types and their respective corporate actions notification messages.
These messages all conformed to the correct mandatory and voluntary
indicators, as well as any use of option codes specified for the event in the
SMPG guidelines. In all cases, CheckFree eVent also achieved an extremely
high level of STP.
Max L. Mansur, Product Manager for Custodian Services at SWIFT, commented,
"The recurring message within the corporate actions community is that high
data quality coupled with consistent market practice adoption reduces risk and
processing costs. We are happy that CheckFree chose to participate in this
Proof of Concept and to help us confirm the potential value of a testing
service for our mutual clients."
Preston Hoffman, senior vice president and general manager of the
securities practice within CheckFree Software said, "This initiative -- aimed
at raising the quality and future adoption of the ISO 15022 corporate actions
messaging standards -- is further commitment from CheckFree to provide high-
quality processing solutions and achieve exceptional customer service for our
global clients. As a long-term SWIFTReady Gold EAI accredited partner and a
SWIFTReady application in the corporate actions space, CheckFree continues to
maintain active involvement in industry initiatives that promote the benefits
By participating in the Proof of Concept Project, CheckFree continues to
invest in its eVent corporate actions solution, allowing it to meet the ever
changing requirements of clients and the global financial services industry.
CheckFree's Applied Operational Intelligence(SM) approach helps clients
drive profitability and performance by combining innovative software, proven
expertise and business intelligence. This approach is built on CheckFree's
core competencies of reconciliation, exception management, transaction process
management, corporate actions processing, payments processing, risk management
and compliance. The Applied Operational Intelligence approach is expressly
designed to help manage risk and efficiency, while leveraging business
intelligence to achieve measurable return on investment.
About CheckFree eVent
Based on workflow technology, CheckFree eVent automates the routing of
corporate actions messages to the designated person for action at the
appropriate stage in the lifecycle. Together with its comprehensive alert and
escalation facilities, this ensures that events can be responded to in an
efficient and timely manner. CheckFree eVent reduces the risk of manual errors
and provides valuable proof of compliance with audit and archive facilities.
Powerful management information tools assist in the identification of
bottlenecks and peaks, allowing you to stay in control, concentrate on
exceptions and improve service quality.
SWIFTReady accredited, CheckFree eVent is built on the same financial
messaging platform as the SWIFTReady Gold accredited CheckFree TradeFlow(TM)
solution. CheckFree eVent has achieved the 2006 B.I.S.S. Gold Accreditation
for Corporate Actions Systems for four consecutive years. This designation,
along with the SWIFTReady accreditation for Corporate Actions for three
consecutive years, further demonstrates CheckFree's strong commitment to
technology leadership in the corporate actions space. For more information
about CheckFree eVent and other products, visit www.checkfreesoftware.com.
About CheckFree (www.checkfree.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 the convenience of receiving and paying their
household bills online, via phone 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 about $1.5 trillion in assets. CheckFree Software develops,
markets and supports payment processing solutions that are used by financial
institutions to process more than two-thirds of the 14 billion Automated
Clearing House transactions in the United States, and supports reconciliation,
exception management, risk management, transaction process management,
corporate actions processing and compliance within thousands of organizations
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 the Company's Annual Report on Form 10-K for the year ended June 30,
2006 (filed September 8, 2006) and Form 10-Q for the quarter ended September
30, 2006 (filed November 8, 2006). One or more of these factors have affected,
and could in the future affect the Company'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 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.
Media Relations, Judy DeRango Wicks, +1-678-375-1595, firstname.lastname@example.org; or
Investor Relations, Tina Moore, +1-678-375-1278, email@example.com, both of