MFS Investment ManagementÒ Moves to CheckFree RECON Securities for Reconciliation Processes

ATLANTA (February 19, 2002) – CheckFree (NASDAQ: CKFR) today announced that MFS Investment ManagementÒ, a leading U.S.-based asset management firm, has chosen CheckFree RECON Securitiesâ automated reconciliation software to reconcile its position, detail and cash reconciliation processes. MFS is replacing its existing financial reconciliation system with the CheckFree system. As of January 1, 2002, MFS manages more than $137 billion in assets on behalf of over 6.5 million investors worldwide.

Prior to implementing CheckFree RECON Securities, the Investment Operations Department of MFS employed a system that only partially automated the account reconciliation process. The system, which required additional vendor support, proved inconvenient and costly for the MFS team to operate. Due to the continued lack of full automation, the process still required time-consuming manual efforts that did not fully eliminate the risk of delayed securities reconciliation. The company turned to CheckFree, the leader in automated reconciliation, for an assessment of how this process could be improved.

CheckFree determined that with its RECON Securities solution, every step in the reconciliation process could be automated. The platform gathers, reconciles, and reports on a vast number of complex securities transactions, at the end-of-day position level and the detailed transaction level. This online, real-time client/server system automatically balances the entire trade-related financial picture. RECON Securities streamlines end-of-day processes such as stock record, general ledger and trading system as well as external sources such as custodians or the DTC. All of MFS’ data, including its multiple custodian files, can be automatically imported, matched, reconciled and reported.

MFS is taking advantage of the implementation of RECON Securities to institute "business process re-engineering" as the automation and operational advancements deliver efficiencies across the company. At the same time, moving to a new system required a rapid implementation to ensure business efficiency and continuity. Upon selecting RECON Securities, a dedicated project team at MFS, working closely with CheckFree’s Implementation team was able to implement and train system users within a 30-day schedule.

Said Betsy Miller, assistant vice president and project manager for reconciliation automation, "We were extremely pleased with CheckFree’s responsiveness. Despite facing an aggressive deadline, the initial implementation phase was a success, in large part due to the expertise and support of CheckFree's staff."

"With RECON Securities, we can now fully automate securities reconciliation processing with an easy to use system," said Martin Pearce, senior vice president of the Investment Operations Group at MFS. "We are rapidly moving to roll out the application to manage more detailed transactions and plan to expand the system’s benefits to other areas of the organization."

"MFS, like many other leading companies, has automated the reconciliation process to maintain better control over data, reduce risk, and provide superior service," said Mark Zill, senior vice president of CheckFree Financial and Compliance Solutions. "As the market leader in reconcilement we are extremely pleased to add MFS to our growing client base for CheckFree RECON Securities."

Judy DeRango Wicks
Tel: (678) 375-1595

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