CheckFree Delivers Worldwide Trading Management Solutions to E*TRADE.Business Editors & Technology Writers ATLANTA--(BUSINESS WIRE)--June 5, 2001 CheckFree's RECON Securities and RECON SOLVER will provide sophisticated daily account and transaction reconciliation and reporting efficiencies to leading online financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company CheckFree Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CKFR CKFR Checkfree Corporation (stock abbreviation, AMEX) ), the leading provider of financial electronic commerce solutions, today announced that it has signed an agreement with E*TRADE Group Inc., (NYSE NYSE See: New York Stock Exchange : ET) a leader in online financial services, to provide E*TRADE with CheckFree RECON Securities(TM) and CheckFree RECON SOLVER (TM) to support daily account and equities reconciliation. With the two solutions, CheckFree is enabling E*TRADE Securities, Incorporated to further streamline its daily reconciliation, accounting and reporting of trades initiated on its system from around the globe. "By simplifying the process by which companies manage daily reconciliation and reporting, CheckFree is contributing to the overall efficiency of these organizations," said Mark Zill, senior vice president of CheckFree Financial and Compliance Solutions. "By automating time consuming, labor intensive Labor Intensive A process or industry that requires large amounts of human effort to produce goods. Notes: A good example is the hospitality industry (hotels, restaurants, etc), they are considered to be very people-oriented. See also: Capital Intensive, Trading Dollars tracking, accounting and reporting, CheckFree can help E*TRADE and other organizations extend next-generation productivity across the enterprise." CheckFree RECON Securities gathers, reconciles, and reports on a vast number of complex securities transactions, at both the end-of-day position and the detailed transaction level. This online, real-time client/server system automatically balances the entire trade-related financial picture. For end-to-end workflow automation See workflow. , RECON SOLVER recognizes "standard" exceptions by applying custom business logic. Outstanding items can be automatically routed to the appropriate accounting center for resolution without manual intervention. RECON SOLVER automates repetitive and time-consuming tasks such as polling Beta for recently opened accounts, thereby leaving more time for mission-essential tasks. "CheckFree's reconciliation software solutions will help E*TRADE to streamline its daily reconciliation and reporting, further increasing our efficiencies in the accounting of trade activity," said Jarrett Lillien, chief brokerage and institutional services officer. "E*TRADE requires powerful, proven reconciliation solutions to meet the demands of its business model and our agreement with CheckFree illustrates our belief in their ability to provide quality products that assist us in delivering added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
About CheckFree CheckFree (Nasdaq: CKFR) is the leading provider of financial electronic commerce services and products. Founded in 1981 and celebrating its 20th year in e-commerce, CheckFree launched the first fully integrated electronic billing Electronic billing is the electronic delivery and presentation of financial statements, bills, invoices, and related information sent by a company to its customers. Electronic billing is also referred to as the following:
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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended June 30, 2000 (filed September 26, 2000), Form 10-Q Form 10-Q See 10-Q. for the quarter ended September 30, 2000 (filed November 14, 2000), and Form 10-Q for the quarter ended December 31, 2000 (filed February 13, 2001); and Form 10-Q for the quarter ended March 31, 2001(filed May 11, 2001). 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. About E*TRADE E*TRADE is a global leader in online personal financial services, offering value-added investing, banking and research features, premium customer service and a redundant, proprietary Stateless Refers to software that does not keep track of configuration settings, transaction information or any other data for the next session. When a program "does not maintain state" (is stateless) or when the infrastructure of a system prevents a program from maintaining state, it cannot take Architecture(R) infrastructure. In addition to the U.S., E*TRADE presently serves customers in Australia, Canada, Denmark, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Israel, Korea, Japan, Norway, South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. , Sweden, and the U.K. E*TRADE Group, Inc., has offices in Northern California and in other major business centers in the U.S. and worldwide. E*TRADE is a registered trademark of E*TRADE Securities, Inc. System response and account access time may vary due to market conditions, trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. , system performance and other factors. |
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