Source: CheckFree Corporation
CheckFree Corporation (Nasdaq: CKFR), today announced that Loomis, Sayles & Company L.P. has selected the CheckFree eVent solution to deliver automated corporate actions processing, potentially reducing its operational risk and improving the efficiency of processing for Loomis Sayles' asset management clients.
By automating this area of operations via CheckFree eVent, the firm intends to minimise the risk in processing events related to their portfolios, mainly located in North America. The CheckFree eVent solution will replace a largely manual process at Loomis Sayles, an investment management firm based in Boston with approximately $105 billion in assets under management.
With the deployment of CheckFree eVent, which is scheduled to go live later this year, Loomis Sayles will offer its clients post-trade securities processing using two CheckFree solutions that leverage a common architecture. Loomis Sayles is already supported by the CheckFree TradeFlow™ solution that was deployed for settlement instruction processing of cash securities and foreign exchange.
"We selected CheckFree eVent to automate our corporate actions processing for several reasons, including the company's outstanding customer references, in-depth product functionality and proven ability to collaborate and deliver the project within our time frame," said Steve Chittenden, vice president & director of investment operations, Loomis Sayles. "The ability to begin testing announcement messages from our custodian banks only a month after signing our agreement with CheckFree is a clear demonstration of their qualifications to meet our timetable for implementation. Furthermore, CheckFree's proactive and practical approach to deploying evolving market standards in a live operational environment has been excellent, helping us to address these challenging industry issues."
"We are pleased that one of the world's premier investment management firms has decided to select and implement CheckFree eVent to process its corporate actions," said Gary Mercer, vice president, global product development, CheckFree Software. "Our solution is designed to help reduce Loomis Sayles' operational risk associated with processing corporate actions, and help them become more efficient, which is central to CheckFree's Applieed Operational Intelligence SM approach to doing business with all of its clients."
CheckFree eVent has achieved the B.I.S.S. Research Gold Accreditation for corporate actions systems for four consecutive years, which demonstrates CheckFree's strong commitment to technology leadership and strength of business functionality in the corporate actions space. The solution, which has strong financial messaging capabilities, a fundamental component of delivering a corporate actions solution, has also achieved the SWIFTReady Gold accreditation for nine consecutive years.