ATLANTA and LONDON, March 12 -- CheckFree Corporation (NASDAQ:CKFR) today announced that Skandia International, the cross-border, offshore division of the Skandia UK Group, has selected CheckFree's Accurate NXG(TM) Dashboard to add an extra level of sophistication and transparency in its reporting processes, enabling the company to comply more easily with regulations such as Sarbanes-Oxley. Skandia International is based in the Isle of Man, which is part of the British Isles.
The Accurate NXG Dashboard will increase transaction transparency by enabling Skandia International to submit a summary of the reconciliation for signoff by a senior manager while maintaining a clear audit trail of each step in the reconciliation process. The dashboard will also deliver improved operational and administrative controls to support the segregation of duties as recommended by regulations in the United Kingdom and Europe.
Skandia International is a leading provider of offshore savings products and offers a range of innovative and market-leading investment solutions for investors around the world. It is part of the Skandia UK Group, which is one of the United Kingdom's top 10 financial services providers, and has been a customer of CheckFree for nine years.
Skandia UK already uses CheckFree's Accurate NXG automated reconciliation solution to manage its exposure to risk, cut processing time and manage costs across the enterprise. The Accurate NXG Dashboard will be housed in the Isle of Man and will be implemented via thin-client, browser-based technology across some of Skandia's offshore operations. Using the dashboard technology, Skandia International staff in the Isle of Man and in Dublin, Ireland, will have direct access to exceptions information to improve the investigation and resolution of transaction errors, ultimately reducing the incidence of errors in the future while speeding processing time.
"We consider CheckFree to be a trusted, long-term partner with considerable domain expertise that is enabling us to improve visibility both at a detailed and aggregate level," said John Hollis, finance director at Royal Skandia. "The Accurate NXG Dashboard will give our senior management instant visibility on critical areas of potential loss, while also giving us a more sophisticated reporting capability that will effectively deal with the increasing requirements of the regulators. The solution supports the reconciliation of all transactions and the querying of any outstanding items to enable us to report month-end figures rapidly to meet internal and external audit requirements."
"With today's demanding and highly regulated environment, reducing costs and minimising exposure to risk continue to be top priorities for financial institutions such as Skandia," said Elizabeth Elkins, vice president of global sales strategy at CheckFree Software. "The Accurate NXG Dashboard will allow Skandia International to access critical information easily and in real-time throughout the enterprise, while also helping the firm meet important compliance requirements."
CheckFree's Applied Operational IntelligenceSM approach helps clients drive profitability and performance by combining innovative software, proven expertise and operational 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 manage risk and efficiency, while leveraging operational intelligence to achieve measurable return on investment.
Accurate NXG is deployed across a worldwide customer base, including some of the largest domestic and international banks, custodians, brokers and investment firms. For more information about Accurate NXG, visit www.checkfreesoftware.com.
About Royal Skandia (royalskandia.com)
Royal Skandia is the leading brand of Skandia International, a provider of offshore savings products. It offers a range of innovative and market-leading investment solutions for investors around the world.
Royal Skandia is based on the Isle of Man and is a major force in the offshore market place. It operates in an environment where confidentiality of information is fundamental, subject to any obligations imposed by law or regulations.
Skandia International is part of Skandia UK, a division of the Skandia Group, itself owned by Old Mutual plc. Old Mutual is an international financial services group, listed on the London Stock Exchange where it is a FTSE 100® company, making it one of the largest 100 companies listed on the London Stock Exchange. Old Mutual is headquartered in London.
About CheckFree (www.checkfreecorp.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 household bills online, via phone or in person through retail outlets. CheckFree Investment Services provides a broad range of investment management solutions and outsourced services to hundreds of financial services organizations, which manage about $1.7 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
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