BNP Paribas Securities Services Introduces New CheckFree TradeFlow TPM Software to Enhance FX Transaction Processing
March 24 2004 - 9:00AM
PR Newswire (US)
BNP Paribas Securities Services Introduces New CheckFree TradeFlow
TPM Software to Enhance FX Transaction Processing LONDON, March 24
/PRNewswire/ -- BNP Paribas Securities Services Introduces New
CheckFree TradeFlow TPM Software to Enhance FXTransaction
Processing BNP Paribas Securities Services is pleased to announce
the successful implementation of CheckFree's TradeFlow TPM
solution, a new straight through processing (STP) technology that
automates the Foreign Exchange (FX) deal matching and settlement
service offered to clients. Following the successful integration of
Cogent, BNP Paribas Securities Services has continued to develop
its capabilities to provide an efficient and effective service to
clients. TradeFlow TPM was implemented at the end of 2003 and
processes FX trades from initial instruction to settlement,
interacting with brokers, counterparties and custodians, in markets
across the world. TradeFlow TPM was a product of HelioGraph Ltd., a
company that was acquired by CheckFree Corporation (Nasdaq: CKFR)
in November 2003. This innovative new technology has strengthened
BNP Paribas Securities Services' product offering in a number of
ways: - Significantly increasing its capacity for handling volumes
- Improving the ability to cope with daily fluctuations in volumes
- Improving service delivery by decreasing error rates, as well as
reducing operational risk. - Customising services for a broad range
of client environments LONDON, March 24 /PRNewswire/ -- The clients
of BNP Paribas Securities Services will benefit from this
development as it will enable true end-to-end STP from the
front-office through settlement, thereby significantly reducing the
operating risk of their FX trading operations. Commenting on the
benefits of this exciting new technology, Graham Foggin, Director
of UK Operations at Henderson Global Investors, said: "The
introduction of CheckFree software by BNP Paribas Securities
Services is an important step in our strategy for full STP for FX
processing. In the fund management industry, FX processing has
historically lagged behind the securities area, which has enjoyed
full automation and straight through processing for some years now.
However, this project has more than closed the gap and we look
forward to benefiting from the efficiencies and improved control
which should result." "We are extremely pleased to have been chosen
to provide the STP platform for such a large and diversified
service environment, and look forward to partnering with BNP
Paribas Securities Services as its securities strategy unfolds and
the organisation's outsource service is deployed across other
sites," noted Mark Zill, General Manager of CheckFree Financial
& Compliance Solutions. Nick Kirk, head of BNP Paribas' UK
investor services business, added: "Following the completion of our
migration to the UK institutional platform for back office
multi-asset and multi-currency processing, this implementation
represents a further step forward in the development of our
best-of-class outsourcing capabilities." Note to Editors: BNP
Paribas Securities Services BNP Paribas Securities Services is a
leading securities services provider to the world's financial
institutions, with a local presence in all key European markets and
Australasia. With 3,100 dedicated staff in 16 countries, BNP
Paribas Securities Services has over 600 clients, including 8 of
the world's top 10 investment managers, and a global custody
network covering 70+ markets. It holds over Euro 2 trillion assets
under custody (December 2003) and Euro 235 billion assets under
administration for more than 3300 funds worldwide. In 2003, BNP
Paribas Securities Services processed over 23 million transactions.
CheckFree ( www.checkfreecorp.com ) TradeFlow TPM was a product of
HelioGraph Ltd., a company that was acquired by CheckFree
Corporation (Nasdaq: CKFR) in November 2003. 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 December 31, 2003, more than
12 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 organisations, including banks, brokerage firms,
Internet portals and personal financial management (PFM) software.
At these sites, consumers are able to electronically receive and
pay essentially all the bills most common to a U.S. household.
CheckFree delivers 18.5 million e-bills each quarter. CheckFree
Investment Services provides a broad range of investment management
services to thousands of financial institutions nationwide. The
division's clients manage more than 1.4 million portfolios
totalling more than US$700 billion in assets. 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,
financial messaging, workflow and compliance software and services
to more than 600 organisations in the banking, brokerage,
investment management, 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. 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, 2003 (filed September 15, 2003), and
Quarterly Report on Form 10-Q for the quarter ended September 30,
2003 (filed November 13, 2003) and Form 10-Q for the quarter ended
December 31, 2003 (filed February 12, 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, thatthe
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. Web
site: http://www.checkfreecorp.com DATASOURCE: CheckFree
Corporation CONTACT: Celeste Matta-Brown, +44(0)207-595-4653, or
Edwina Frawley, +44(0)207-595-2215, both of BNP Paribas Securities
Services Corporate Communications; or media, Elaine Graham,
+44(0)1570-470-706, or Judy DeRango Wicks, +1-678-375-1595, or
jdwicks@checkfree.com, or investors, Tina Moore, +1-678-375-1278,
or tmoore@checkfree.com, all of CheckFree Corporation, FCMN
Contact: aatemples@checkfree.com, Company News On-Call:
http://www.prnewswire.com/comp/821650.html
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