CheckFree Tops 700,000 Portfolios on APL/APL WRAP
Industry Milestone Reached By Leading Service Bureau Provider Of Portfolio Management Systems
ATLANTA, Aug. 23 /PRNewswire/ -- CheckFree (Nasdaq: CKFR - news) announced today that its client base now maintains more than 700,000 portfolios on the CheckFree APL and APL WRAP systems. CheckFree Investment Services division is the leading provider in outsourcing automated trading, portfolio performance and accounting systems used by professional money managers and financial advisors.
''Reaching the 700,000 portfolio milestone represents continued double-digit growth in terms of the number of portfolios being added to our system,'' said CheckFree Investment Services President Frank Polashock. ''While we have accomplished this feat with the addition of new clients and sustained growth of existing business, CheckFree Investment Services is also helping its clients offer additional products to their own customers.''
''It is important we use this milestone and the recent acquisition of Mobius Group as an opportunity to help our clients expand into new product and service areas and by extension, enable them to garner even more business down the road,'' said Polashock.
James K. Waller, senior vice president for CheckFree Investment Services, said, ''The APL system's scalability has enabled clients to leverage our platform, thereby allowing them to broaden the range of financial products they can offer their clients. We are witnessing explosive growth in the fee-based product areas, including mutual fund wrap and annuity wrap. This milestone is a reinforcement of CheckFree Investment Services, and also serves as testimony to our ability to help clients grow new aspects of their business. That's really what we are all about.''
About CheckFree
Founded in 1981, CheckFree (www.checkfree.com ), the operating subsidiary of CheckFree Holdings Corp., is the leading provider of financial electronic commerce services, software and related products. CheckFree designs, develops and markets services that enable nearly three million consumers to receive and pay bills over the Internet or electronically through a variety of bill aggregation points, including banks, brokerage firms, portals and interactive content sites on the Internet, and personal financial management (PFM) software. CheckFree's range of services and products are focused on enabling customers to make electronic payments and collections, automate paper-based recurring financial transactions and conduct secure Internet transactions.
Based in Jersey City, NJ, CheckFree Investment Services' staff of more than 185 professionals nationwide provide portfolio management accounting, performance measurement, trading and reporting services to more than 248 financial institutions managing over 700,000 portfolios (totaling more than $400 billion in assets) through the company's CheckFree APL and CheckFree APL WRAP systems. The APL system is UNIX-based (IBM RS/6000), and available to asset management and broker/dealer firms on a service bureau or in-house basis.
Certain of the Company'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 the Company's business, and other risks and uncertainties detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission, including Form 1O-K for the year ended June 30, 1998, Form 10-Q for the quarter ended March 31, 1999, Form 8-K filed May 25, 1999 and the Company's Registration Statement on Form S-3 (No. 333-79695) filed June 1, 1999, as amended June 15, 1999. One or more of these factors have affected, and could in the future affect, the Company'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 document will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to management, and the Company assumes no obligation to update any forward-looking statements.
SOURCE: CheckFree
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