CHECKFREE ANNOUNCES CHASE CONTRACT
ATLANTA, March 28, 2000 -- CheckFree Corporation (NASDAQ: CKFR) announced
today that one of its largest customers, the Chase Manhattan Bank (NYSE:
CMB) has signed a multi-year non-exclusive extension to its contract for
electronic payment services. According to the terms of the agreement,
CheckFree will handle remittance processing for Chase's electronic bill
payment offering.
"CheckFree highly values its relationship with Chase and we look forward to
continuing to deliver to them high quality, innovative electronic payment
services," said Pete Sinisgalli, president and chief operating officer,
CheckFree Corporation. "Together with strong partners such as Chase we
will continue to accelerate the market."
"Chase is committed to bringing the benefits of electronic billing and
payment to its customers as part of its online financial services
strategy," said Bruce Zimmerman, Chase National Consumer Services senior
vice president. "The potential for communication with consumers in new
ways increases as they return to Chase.com to pay bills electronically. At
the same time, our customers experience convenience, time savings and
greater control over all of their financial activities from one site. "
About Chase Manhattan
The Chase Manhattan Corporation (www.chase.com) is a premier global
financial services firm with assets in excess of $400 billion. Chase
combines the best of commercial and investment banking, offers world-class
information and transaction processing services, and has a leading U.S.
consumer franchise that serves 32 million customers. Through its newly
formed business unit Chase.com, Chase is successfully creating innovative
business models for the New Economy. Chase, with offices in more than 45
countries, has a presence in all of the principal financial centers around
the world.
About CheckFree
CheckFree Corporation (www.checkfree.com), is the leading provider of
financial electronic commerce services and products. Founded as an
electronic payments processor in 1981, CheckFree launched the first fully
integrated electronic billing and payment solution, CheckFree E-Billsm, in
March of 1997. Today, CheckFree services enable three million consumers to
receive and pay bills over the Internet or electronically. The Company has
multi-year contracts with 89 of the nation's top billers to provide online
billing and payment through its network of partnerships with more than 100
consumer service providers (CSPs), including banks, brokerage firms,
Internet portals and content sites, and personal financial management (PFM)
software. CheckFree's Investment Services division provides a range of
investment management services to help more than 255 institutions provide
portfolio management and reporting services to their clients. CheckFree
clients manage over 820,000 portfolios totaling more than $480 billion in
assets. Software and services provided by CheckFree's Compliance and
Financial Service division are used to process more than two-thirds of the
nation's six billion Automated Clearing House (ACH) payments. In addition,
nearly 400 banks and businesses use reconciliation products and services
the division provides.
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 10-K for the year ended June 30,
1999 (filed September 24, 1999), Form 10-Q for the quarter ended September
30, 1999 (filed November 15, 1999), and Form S-3 Registration Statement
(filed January 14, 2000). 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. |
