ATLANTA and LONDON, Jan. 24 -- 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 of STP."
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 IntelligenceSM 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 worldwide.
Source: CheckFree Corporation
Judy DeRango Wicks
Web site: www.checkfreecorp.com/