HSBC Securities Services Implements CheckFree eVent(TM) for Corporate Actions Automation

2007-01-15 10:54 1163

ATLANTA and LONDON, Jan. 15 /Xinhua-PRNewswire/ -- CheckFree Corporation (Nasdaq: CKFR), today announced that HSBC Securities Services (HSS) has implemented the CheckFree eVent(TM) solution to deliver automated end-to-end corporate actions processing to HSS's investment administration clients.

HSS offers securities administration and custody and is a leading provider of comprehensive global, regional and domestic securities services to corporate and institutional clients around the globe. HSS recently surpassed $1 trillion of assets under administration and has $4.332 trillion of assets under custody, making it one of the world's largest and broadest providers.

The implementation of CheckFree eVent is designed to automate the announcement capture and validation of HSS's multiple data sources, creating corporate actions master records for downstream processing and accounting updates. All external communications have been implemented and streamlined using the SWIFT ISO 15022 message suite for corporate actions to ensure high straight-through processing (STP) rates are achieved.

With this new deployment of CheckFree eVent, HSS will offer its clients post-trade securities processing, including corporate actions automation, using two CheckFree solutions that leverage a common architecture. HSS is already supported by the CheckFree TradeFlow(TM) solution for trade confirmation and settlement.

Alex Powell, global chief operating officer of HSBC Securities Services, said: "The automation of corporate actions is a notoriously difficult problem to solve, which is why we engaged CheckFree's specialized knowledge and solutions to assist us with this project. A key selection criteria was the overall flexibility and scalability of CheckFree eVent, as well as its proven technology. CheckFree eVent enables us to cater to the fast changing requirements of our clients in the key corporate actions arena."

CheckFree is a global leader in providing robust and scalable solutions for corporate actions processing, transaction process management, and reconciliation and exception management within the financial markets industry. CheckFree has achieved this leadership position by delivering solutions that maximize efficiency, enabling organizations to benefit from automation using industry standard protocols such as ISO 15022 and ISO 20022.

"HSBC Securities Services' selection of CheckFree eVent is testament to the strength of our corporate actions processing solution," said Preston Hoffman, senior vice president and general manager, CheckFree Software. "With this new endorsement from HSBC Securities Services, we have further improved our market leading position and extended our strategic relationship with this major client. We look forward to a long lasting and fruitful partnership with HSBC."

Widely recognized for its premium service quality, HSS won a number of service awards in 2006, including "Best Outsource Provider" at the FSmetrics Securities Industry Awards which recognizes the highest level of

straight-through processing in the industry.

CheckFree's Applied Operational Intelligence(SM) approach helps clients drive profitability and performance by combining innovative software, proven expertise and operational intelligence. The Applied Operational Intelligence approach channels valuable business intelligence back to the business through CheckFree's innovative solutions, industry expertise, collaborative partnership approach, and core competencies of reconciliation, exception management, transaction process management, corporate actions processing, payments processing, risk management and compliance.

About CheckFree eVent

Based on workflow technology, CheckFree eVent automates the routing of corporate actions messages to the right person for action at the appropriate stage in the lifecycle. Together with its comprehensive alert and escalation facilities, this ensures that events are responded to in an efficient and timely manner. CheckFree eVent reduces the risk of errors and provides valuable proof of compliance with audit and archive facilities. Powerful management information tools assist in the identification of bottlenecks and peaks, allowing you to stay in control, concentrate on exceptions and improve service quality.

SWIFTReady accredited, CheckFree eVent is built on the same financial messaging platform as the SWIFTReady Gold accredited CheckFree TradeFlow solution. CheckFree eVent has achieved the 2006 B.I.S.S. Gold Accreditation for Corporate Actions Systems for four consecutive years. This designation, along with the SWIFTReady accreditation for Corporate Actions for three consecutive years, further demonstrates CheckFree's strong commitment to technology leadership in the corporate actions space. For more information about CheckFree eVent and other products visit .

About HSBC Securities Services ( )

HSBC Securities Services (HSS) is a division within Global Transaction Banking, part of the HSBC Group. HSS provides comprehensive global, regional and domestic custody services as well as cash management; foreign exchange; securities lending; corporate trusteeship; issue and paying agency services; alternative investment funds; and trustee and depositary services. HSS also offers a full range of investment administration and performance consulting services to institutional and corporate clients worldwide. HSS's global assets under custody were reported as US$ 4.33 trillion at 30 September 2006. Global assets under administration totaled US$ 1 trillion at 30 September 2006.

HSBC Holdings plc

HSBC Holdings plc (HSBC) serves over 125 million customers worldwide through some 9,500 offices in 76 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$1,738 billion at 30 June 2006, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.

About CheckFree ( )

Founded in 1981, CheckFree Corporation (Nasdaq: CKFR) provides financial electronic commerce services and products to organizations around the world. CheckFree Electronic Commerce solutions enable thousands of financial services providers and billers to offer the convenience of receiving and paying household bills online, via phone or in person through retail outlets. CheckFree Investment Services provides a broad range of investment management solutions and outsourced services to hundreds of financial services organizations, which manage about $1.5 trillion in assets. CheckFree Software develops, markets and supports payment processing solutions that are used by financial institutions to process more than two-thirds of the 14 billion Automated Clearing House transactions in the United States, and supports reconciliation, exception management, risk management, transaction process management, corporate actions processing, and compliance within thousands of organizations worldwide.

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 Annual Report on Form 10-K for the year ended June 30, 2006 (filed September 8, 2006) and Form 10-Q for the quarter ended September 30, 2006 (filed November 8, 2006). 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 press release 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.

For more information, please contact:


Ruth Brown

Metia Ltd.

Tel: +44-20-3100-3602


Media relations:

Judy DeRango Wicks

Tel: +1-678-375-1595


Investor relations:

Tina Moore

Tel: +1-678-375-1278


Source: CheckFree Corporation