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(PR NEWSWIRE) Loomis Sayles & Company Automates Reconciliation Processes With CheckFree Corporation
Investment Firm Uses CheckFree RECON Securities to Improve Risk Management
ATLANTA, May 28 /PRNewswire-FirstCall/ -- CheckFree Financial and
Compliance Solutions, a business unit of CheckFree Corporation (Nasdaq: CKFR),
today announced that Loomis Sayles & Company, L.P. is utilizing CheckFree
RECON Securities(TM) to automate, reconcile and report its securities and cash
positions. Loomis Sayles manages more than $53 billion in equity and fixed
income assets worldwide as of March 31, 2003.
The ability to provide real-time financial information is critical to
investment managers. For Loomis Sayles, CheckFree delivered a reliable
reconciliation solution that provided a timely workflow beginning with data
collection and ending with customized reporting.
"Through the implementation of RECON Securities, we have experienced
improvements in processing efficiency and have significantly improved the
speed of month end reporting," said Heather Folino, vice president of
operations technology, Loomis Sayles. "Using the open database architecture
of RECON Securities, we have been able to develop customized reporting that
has enhanced our ability to monitor exception processing. We have also been
able to interface back to our accounting system to record journal entries that
would normally have been done manually."
"The flexibility of CheckFree RECON Securities system easily met our
specific operating requirements while allowing our organization to process a
growing volume of transactions immediately," said Steve Chittenden, vice
president & director of investment operations, Loomis Sayles. "With RECON
Securities we now receive timely notification of exception items. The ability
to manage the true exceptions has allowed us to maintain our primary focus --
maximizing returns on investment for our clients."
"Leading investment firms, such as Loomis Sayles, require a solid workflow
with timely resolution of exceptions to validate cash position for
investments," said Mark Zill, senior vice president and general manager,
CheckFree Financial and Compliance Solutions. "By automating reconciliation
processes with RECON Securities, investment managers can greatly reduce the
risks and costs of inadequate and legacy systems and processes while
experiencing proven return on investment."
About Loomis Sayles & Company
Established in 1926, Loomis Sayles is one of the oldest investment
management firms in America. Through its institutional product platforms and
a family of no-load mutual funds, the firm manages both fixed income and
equity assets for institutional, high net worth and mutual fund clients.
About CheckFree (www.checkfreecorp.com)
CheckFree is the leading provider of financial electronic commerce
services and products. Founded in 1981 and celebrating its 22nd year in e-
commerce, CheckFree is comprised of three divisions: Electronic Commerce,
Software, and Investment Services. CheckFree launched the first fully
integrated electronic billing and payment solution in 1997. In the quarter
ended March 31, 2003, about 9 million consumers initiated online payments
through services offered by CheckFree's Electronic Commerce division. The
company has multi-year contracts with 277 of the nation's top billers to
provide online billing and payment through 842 financial services
organizations, including banks, brokerage firms, Internet portals and content
sites and personal financial management (PFM) software. CheckFree Investment
Services provides a broad range of investment management services to thousands
of financial institutions nationwide. The division's clients manage about 1.2
million portfolios totaling more than $500 billion in assets.
CheckFree's Software division provides solutions through three operating
units: CheckFree ACH Solutions, CheckFree Financial and Compliance Solutions
(CFACS), and CheckFree i-Solutions. CheckFree ACH Solutions provides software
and services that are used to process more than two-thirds of the nation's
eight billion Automated Clearing House payments, while CFACS provides
reconciliation and compliance software and services to more than 400
organizations in the banking, brokerage, utility, retail, insurance and credit
card industries, among others. CheckFree i-Solutions is the leading provider
of e-billing and e-statement software and services for both business-to-
consumer and business-to-business applications, with more billers as clients
than all of its competitors have combined.
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 the Company's Form 10-K for the year ended June 30, 2002
(filed September 26, 2002), Form 10-Q for the quarter ended September 30, 2002
(filed November 14, 2002), Form 10-Q for the quarter ended December 31, 2002
(filed February 12, 2003), and Form 10-Q for the quarter ended March 31, 2003
(filed May 15, 2003).
SOURCE CheckFree Corporation
-0- 05/28/2003
/CONTACT: media relations, Judy DeRango Wicks, +1-678-375-1595, or
jdwicks@checkfree.com, or investor relations, Tina Moore, +1-678-375-1278, or
tmoore@checkfree.com, both of CheckFree Corporation/
/Company News On-Call: prnewswire.com
/Web site: checkfreecorp.com
(CKFR)
CO: CheckFree Corporation; Loomis Sayles & Company, L.P.
ST: Georgia, Massachusetts
IN: FIN CPR MLM ECM MFD
SU: LIC
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