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<Picture><Picture>CheckFree Reaches 400,000 Portfolios On APL, APL WRAP
January 6, 1998 8:30 AM EST
Industry Milestone For Leading Portfolio Management System
ATLANTA, Jan. 6 /PRNewswire/ -- CheckFree (Nasdaq: CKFR) today announced that it has reached the 400,000 portfolio milestone with its APL and APL WRAP portfolio management system. Through APL/APL WRAP, CheckFree Investment Services offers financial institutions the leading portfolio accounting, performance measurement and trading and reporting system in the industry. More than 215 institutions are currently managing the 400,000 portfolios which represent over $250 billion in assets.
"This is an important milestone to reach," said Frank Polashock, general manager for CheckFree Investment Services. "In three years, we have doubled the number of portfolios on the APL system by growing at a 30% annual rate -- and we're ready to increase that rate." Polashock went on to say that, "What makes this even more gratifying is that while we have experienced tremendous growth, our clients have also grown right along with us. We see this milestone as not only a solid reinforcement of the service we provide our clients, but also as a testimony to our ability to help our clients grow their business. That's really what we are all about."
To accommodate the growth CheckFree Investment Services has seen over the past three years and to maintain its position as a processing leader in the industry, infrastructure and hardware continues to be expanded. According to Joe Ruggiero, vice president of operations, "In the first two quarters of the fiscal year, we have installed or have on order more than $600,000 of machine upgrades and improvements. In addition, CheckFree Investment Services is spending more than $1 million on research and development for this fiscal year."
Brokerage service is one of the "5 Bs" in CheckFree's vision for electronic financial management. The other "Bs" are electronic banking, bill payment, bill presentment and business services. All of these electronic services are enabled, under the brand names of CheckFree's financial institution customers, by CheckFree processing capabilities.
Founded in 1981, CheckFree Corporation (http://www.checkfree.com) is the leading provider of electronic commerce services, software and related products for more than 2 million consumers, 1,000 businesses and 850 financial institutions. CheckFree designs, develops and markets services that enable its customers to make electronic payments and collections, automate paper- based recurring financial transactions and conduct secure transactions on the Internet. SOURCE CheckFree Corporation
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