Transaction Processing Systems
Daiwa Securities SMBC Successfully Completes TRAX2 Migration with CheckFree TradeFlow to Support MiFID Compliance
Brookfield, Wis., February 4, 2008 - CheckFree, now part of Fiserv Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, today announced that Daiwa Securities SMBC Europe Limited (Daiwa) has completed its migration to TRAX2 through the successful expansion of its CheckFree TradeFlow(TM) capabilities to efficiently manage the flow of securities transactions. The project utilized the CheckFree structured implementation methodology to achieve delivery by September's mandatory migration deadline. Daiwa, an investment bank headquartered in London, now has a messaging hub that provides a 'single window' of all trades enabling Daiwa to reduce its operational risk.
Daiwa began utilizing the CheckFree TradeFlow post-trade securities transaction process management solution in 2004 for its regional operations center in London, processing global trade confirmations over Omgeo OASYS Global, the electronic trade allocation and confirmation solution. The latest CheckFree TradeFlow implementation project delivers connectivity to the International Capital Market Association (ICMA) TRAX2 network, the one-stop trade matching and regulatory reporting system for bonds, derivatives and equities. Daiwa has so far automated its repo, fixed income and equities instruments and also plans to extend its deployment of CheckFree TradeFlow utilizing its workflow tools to other areas of financial messaging.
"By choosing to work with CheckFree again, following the successful implementation of their trade confirmation platform using Omgeo OASYS Global Direct, we have been able to extend our CheckFree TradeFlow capabilities and generate business benefit in the creation of a single messaging hub that has consolidated a whole array of trading environments," said Hirohito Ishii, managing director, Technology Division, Daiwa Securities SMBC Europe. "Completed within six months, the project has been a great success. We were especially pleased with the quality of the delivered software and the professionalism of CheckFree's implementation team. Our ability to manage operational risk has also improved as we now have a consolidated view of our trade matching activities."
"Daiwa has been successfully using CheckFree TradeFlow for three years. In April 2007, we began the current project to extend their CheckFree TradeFlow platform to enable the migration to ICMA's MiFID compliant TRAX2 system," said Gary Mercer, vice president and managing director, CheckFree CIS Software International. "Our objective was to meet ICMA's September deadline and ensure Daiwa would comply with the regulatory reporting requirements around MiFID.
For more information contact:
Judy DeRango Wicks
V.P., Corporate Communications
CheckFree Corporation
(678) 375-1595
jdwicks@checkfree.com
The results have been well received by Daiwa, and we are already talking with the client about further expanding the solutions capabilities, including, for example, adding SWIFT connectivity and its ability to support OTC derivatives."
The CheckFree TradeFlow solution is designed to allow organizations to efficiently manage, monitor and measure the flow of securities and cash transactions across the enterprise and through counterparties and settlement agents, while minimizing operational risk and increasing operational efficiencies. For more information about CheckFree TradeFlow, visit www.checkfree.com.
About Daiwa Securities SMBC Europe (www. daiwasmbc.co.uk)
Daiwa Securities SMBC Europe Limited is a wholly owned subsidiary of Daiwa Securities SMBC Co. Ltd., an investment banking joint venture 60% owned by Daiwa Securities Group Inc. and 40% by Sumitomo Mitsui Financial Group Inc. The company has been established in London since 1980. It is regulated by the Financial Services Authority. Its principal activities relate to the underwriting and managing of new issues, through to the trading and sales of secondary securities. Daiwa Securities SMBC Europe Limited offers a wide range of services from its main divisions:
o Equity
o Fixed Income
o Investment Banking
About Fiserv
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company serves more than 21,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv and CheckFree had more than $4.5 billion in combined pro forma total revenue for 2006. For more information, please visit www.fiserv.com.
Fiserv Corporate Contact
Lori Stafford
Fiserv, Inc.
Assistant Vice President, External Comm.
(262) 879-5130
lori.stafford@fiserv.com
