CheckFree Reaches 500,000 Portfolios on APL/APL WRAP
Industry milestone for leading portfolio management system
ATLANTA (June 22, 1998) -- CheckFree (NASDAQ: CKFR) announced
today that it has reached 500,000 portfolios on its portfolio management
system. These portfolios total more than $350 billion in assets. CheckFree
APL/APL WRAP is the leading portfolio accounting, performance
measurement, and trading and reporting system in the industry. Recent
client signings and contract extensions for APL/APL WRAP include
EVEREN Securities (Chicago) and Rittenhouse Financial Services (Radnor,
Pa.).
"What is remarkable about this milestone is how quickly we got there," said
Frank Polashock, general manager for CheckFree Investment Services. "In
three years, we have more than doubled the number of portfolios in the APL
system through the addition of new clients and the growth of our existing
client base.
"What makes this even more gratifying is that it represents a solid team
effort among our associates and our clients," Polashock added. "It is
important that we use this milestone as an opportunity to both re-enforce
and expand on the level of service that we provide to our customers."
Jamie K. Waller, head of business development and sales for CheckFree
Investment Services, said, "Reaching 500,000 portfolios on our system was
a meaningful benchmark that we had set for ourselves. We have witnessed
substantial growth across both the APL and APL WRAP product lines. In
reaching this milestone, thanks goes out to our new and existing clients, our
sales force, and our account management team."
About CheckFree
Founded in 1981, CheckFree Corporation (www.checkfree.com) is the
leading provider of electronic commerce services, software and related
products for 2.25 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.
CheckFree Investment Services currently offers APL and APL WRAP,
which includes portfolio accounting, performance measurement, trading and
reporting systems to financial institutions. APL and APL WRAP are
currently used by more than 225 institutions managing 500,000 portfolios.
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