The next generation, called CheckFree EPL (Enhanced Portfolio Lifecycle), is Web-based and designed with Microsoft .NET technology to deliver superior business, operational and cost efficiencies to broker/dealer firms, money managers and registered investment advisors.

CheckFree Investment Services is the leading provider of remote processing services - trading, portfolio management, accounting, reporting services and data - to broker/dealers, money managers and investment consultants. The firm is introducing CheckFree EPL to its clients in phases. Workflow for New Accounts, the first phase, unveiled in March 2004, is a module for streamlining the investment management process, by enabling the industry's first real time new account opening function between managers and sponsors.

In December, CheckFree Investment Services expects to introduce new reconciliation functionality, creating efficiencies by providing exception process management tools that highlight immediate risk and exceptions. Beta testing on remaining modules of CheckFree EPL will begin in fall 2005.

"CheckFree is driving innovation in separately managed accounts and institutional money management with an open architecture that features new web functionality, advanced workflow efficiencies, and reduced resources required of client firms for a lower total cost of operation," said Alex Marasco, CheckFree Investment Services executive vice president and general manager. "Our clients will potentially experience dramatic improvement in operating efficiencies, making it easier for them to grow their business, launch new products and provide more personalized attention to investors."

To achieve its time to market goals, CheckFree Investment Services has contracted with Satyam Computer Services Ltd. as its development partner for CheckFree EPL. Satyam is a market leader with demonstrated experience in reengineering legacy applications to emerging platforms, using Microsoft.NET technologies. To ensure the highest possible quality product development per customer and market requirements for CheckFree EPL, CheckFree Investment Services is leveraging the Six Sigma expertise and methodology that was used to build CheckFree Corporation's electronic billing and payment platform. By applying the Six Sigma discipline, CheckFree Investment Services will increase quality and value on numerous fronts, including support of industry standard protocols, transparent data exchange, multi-currency capabilities and significant potential reduction of overall costs and operations for clients. These enhancements, among others, will enable CheckFree clients to deliver greater quality and value to their own customers and investors.

CheckFree EPL will support additional asset classes and instrument types, provide real-time transaction fulfillment and other mission-critical services such as tighter integration with internal and external systems and service providers. The system will offer scalability for products across multiple distribution channels, via a Web-based front-end with full reporting and audit capabilities.

While CheckFree Investment Services is renowned in the separately managed accounts industry, CheckFree APL is also broadly used within the institutional money management arena. CheckFree Investment Services currently has in excess of 100 institutional money manager clients. An enhanced CheckFree EPL will service this marketplace through more robust multi-currency, trade order management and cash management/margin capabilities. Through CheckFree EPL, CheckFree Investment Services seeks to provide a single platform solution to its money manager clients for their combined institutional business as well as their separately managed accounts.

Currently, CheckFree APL serves as the leading separately managed accounts platform, providing remote processing services to sponsor firms, money managers and financial advisors for the automation of investment management, trading, portfolio performance and investor reporting. CheckFree APL's open platform enables approximately 80 of the top Wall Street (sponsor) firms and 125 separate account managers to interface with each other, and operate in a straight-through processing environment. Institutional money managers also use