Below is a response that is on the Checkfree website. The company has had these interuptions get this fixed quickly too and therefore didn't publicize it.
They are working around the clock and expect to have it fixed in a day, or maybe two.
I think the stock has given a good account for itself today, all things considered.
I can't help thinking of the old adage, "Don't sell on strike news". that's because they eventually get settled.
Response to Inquiries Regarding Intermittent System Disruptions
CheckFree is aware that some consumers who access on-line banking and electronic billing and payment services
through Intuit's Quicken or Microsoft Money Personal Financial Management (PFM) software are experiencing
intermittent interruptions in service. The issue is isolated to consumers who both use PFM access and bank at any of
the 21 banks that are now operating on CheckFree's Genesis transaction processing system.
"It is vitally important to CheckFree that each and every consumer who accesses our services has consistently reliable,
high-quality experiences using those services," said Pete Sinisgalli, CheckFree's chief operating officer. "Since we
became aware of this issue on Monday, April 26, CheckFree's technical staff has been working around the clock to
identify the root cause of the problem and the appropriate measures to resolve it. Our senior executive staff -- including
our chief technology officer, chief information officer, senior vice president of development, and myself — are actively
engaged in working to resolve this issue as quickly as possible to restore uninterrupted service for consumers," he
said.
Genesis is the electronic billing and payment technology platform that CheckFree began developing 18 months ago to
replace its three legacy processing systems. The Company began migrating banks and their consumers to Genesis
last Fall.
"We have the utmost confidence in the reliability and scalability of Genesis," Sinisgalli said. "It has been architected for
reliability, using market-proven hardware, software and interface components designed to handle large-scale on-line
transaction processing applications.
"However, Genesis is a very large, robust, and relatively new system," Sinisgalli continued. "Since we began migrating
consumers to Genesis, we have experienced several operational challenges. In each of those, we were able to
diagnose and correct the problem quickly. The challenge with this current issue is that we had a difficult time
diagnosing the root cause of the problem. We now believe that we have isolated this root cause, and have developed
what we believe will be the solution. We are working aggressively to complete coding of this solution, which will be
followed by full regression testing to ensure the quality of the system changes we make," he explained.
"On behalf of everyone at CheckFree, I want to apologize for the inconveniences consumers have experienced
because of this issue, and assure them that we are committed to continually improving the quality and reliability of our
services to ensure their confidence in us and in our services," he added
Contact: Media and Investment Relations
Laurinda Wilson
VP, Corporate Communications
CheckFree Corp.
(770) 840-1608
lwilson@checkfree.com |
