(PR NEWSWIRE) CheckFree Tops 700,000 Portfolios on APL/APL WRAP
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) 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
-0- 08/23/99
/CONTACT: media, Laurinda Wilson, 678-375-1608, or lwilson@checkfree.com,
or Investment Services, Todd Swearingen, 312-739-3462, or todd@secapl.com ,
both of CheckFree/
/Web site: checkfree.com /
(CKFR)
CO: CheckFree; CheckFree Holdings Corp.
ST: Georgia
IN: FIN CPR MLM
SU:
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