CKFR Checkfree Corp (MM)

Kedrios Signs Seventh Client for Italian Trade Settlement Service Based on CheckFree Solution -- X-Settle is the first hosted service to handle transactions sent into the new settlement infrastructure introduced by Monte Titoli, Italy's central securities depository and part of the Borsa Italiana -- LONDON and ATLANTA, Sept. 21 /PRNewswire-FirstCall/ -- CheckFree Software, a division of CheckFree (NASDAQ:CKFR), today announced that X-Settle, a new service developed by CheckFree and its Italian partner, Kedrios, has gone live. X-Settle is the first settlement service designed to support the recently reorganised transaction processing infrastructure at Italy's central securities depository, Monte Titoli (part of the Borsa Italiana group), handling volumes of up to 10,000 transactions per hour. Seven of Italy's largest financial institutions including Deutsche Bank, RAS Bank and Euromobiliare, have already signed up for the service based on CheckFree's TradeFlow TPM, the de-facto standard trade confirmation and settlement workflow solution. Says Paulo Taddini, chief executive officer of Kedrios: "X-Settle gives our clients a complete single-window solution that provides full connectivity, automation and visibility into the newly improved Monte Titoli RRG Matching and Express II settlement processes from automated operation transmission through to matching and settlement reconciliation." Tolerances can be defined via user-based rules and all transaction and accounting activity is visible from a central, real-time screen. The system, which is run from the Kedrios bureau, is currently handling over 50,000 messages and two 1.5 hour peaks a day from a single server. In addition to greatly enhanced operational efficiency, X-Settle delivers a new level of risk management by providing a seamless, intelligent transaction process across all market participants, which can be viewed and monitored centrally from single, central point of control. Reconciling all instructions from Monte Titoli and counterparties, X-Settle matches them against internal trade records to produce either aggregated 'net' or 'gross' views of all transactions -- those settled, pending or requiring action. These parameters can be defined or changed easily via user-based rules, and all transaction and accounting activity is visible from a central real-time screen. The system, run from the Kedrios bureau, is extremely robust, handling over 50,000 messages a day from a single server, with the scalability to meet future demands. When Monte Titoli restructured its operations, it meant that trade processing systems in the Italian market had to be changed correspondingly -- both in terms of formatting and message cycles. The fact that X-Settle was developed in under six months highlights the underlying flexibility of its design. Rajive Samarasinhe, business development manager Italy, CheckFree Software, explains, "CheckFree's rules-based configurability enabled us get to market early to support Monte Titoli's new settlement infrastructure. Many of Kedrios' existing customers have already signed up for X-Settle and they anticipate strong interest since X-Settle not only streamlines the settlement process, but provides a level of de-risking previously unavailable." "Kedrios' knowledge of the Italian financial market combined with CheckFree's expertise in developing STP and financial messaging solutions, has enabled us to bring a unique service to market," said Amery Thomas, senior vice president of International Operations for CheckFree Software. "In a few short months it has already attracted an extraordinary level of interest and looks set to become the de facto standard for trade settlement and reconciliation services." About Kedrios ( http://www.kedrios.com/ ) Kedrios is a leading provider of information technology, administration and consultancy services for back office use by investment management companies and securities brokerage firms in Italy. Kedrios provides a range of outsourcing services addressed to the back office and administrational needs of the financial services industry in Italy, and in particular investment management companies and securities brokerage firms. About CheckFree ( http://www.checkfreecorp.com/ ) 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 their customers the convenience of receiving and paying their household bills online or in person through retail outlets. CheckFree Investment Services provides a broad range of investment management solutions and outsourced services to thousands of financial services organizations, which manage more than $900 billion in assets. CheckFree Software develops, markets and supports software applications that are used by financial institutions to process more than two-thirds of the 10 billion Automated Clearing House transactions in the United States. The division also provides global trade processing, reconciliation, financial messaging, compliance and electronic billing and statement software to thousands of organizations across the globe. Certain of CheckFree'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 CheckFree's business, and other risks and uncertainties detailed from time to time in CheckFree's periodic reports filed with the Securities and Exchange Commission, including CheckFree's Annual Report on Form 10-K for the year ended June 30, 2004 (filed September 3, 2004). One or more of these factors have affected, and could in the future affect CheckFree'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 CheckFree, or any other person, that the objectives and plans of CheckFree will be achieved. All forward-looking statements made in this press release are based on information presently available to management, and CheckFree assumes no obligation to update any forward-looking statements. DATASOURCE: CheckFree Corporation CONTACT: Media, Judy DeRango Wicks, +1-678-375-1595, or Investors, Tina Moore, +1-678-375-1278, both of CheckFree Corporation; or UK Media, Elaine Graham, +44-0-7919-554660, or , for CheckFree Web site: http://www.checkfreecorp.com/ http://www.kedrios.com/

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