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-FirstCall/ -- 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 The clients of BNP Paribas Securities Services
will benefit from this development as it will enable true
end-to-end STP from the front-officethrough 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 backoffice 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 ( http://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 organizations, 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 totaling
more than $700 billion in assets. CheckFree's Software division
provides solutions through three operating units: CheckFreeACH
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 organizations
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, 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: Celeste
Matta-Brown, 00-44-(0)-207-595-4653, or Edwina Frawley,
00-44-(0)-207-595-2215, both of BNP Paribas Securities Services
Corporate Communications; or media, Elaine Graham,
00-44-(0)-1570-470-706, or Judy DeRango Wicks, +1-678-375-1595, or
, or investors, Tina Moore, +1-678-375-1278, or , all of CheckFree
Corporation Web site: http://www.checkfreecorp.com/ Company News
On-Call: http://www.prnewswire.com/comp/821650.html
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