EastNets partners with CheckFree to deliver state-of-the-art Operational Risk Management solutions to financial institutions in the Middle East

February 11th, 2006

EastNets, the leading payments and security solutions provider for the government and financial service industry in the Middle East, has signed a business partner relationship with CheckFree Corporation [NASDAQ: CKFR],to deliver software solutions that will enable financial organizations in the region to better manage operational risk and increase operational efficiency.

CheckFree provides Operational Risk Management solutions comprising four core competencies of reconciliation, exception management, workflow and business intelligence. Together with EastNets, CheckFree’s solutions will enable banks and securities firms in the Middle East to gain real-time reporting, control and visibility into electronic transactions of all types while helping to mitigate risk and facilitate regulatory compliance through accurate and detailed reporting.

"We are pleased to partner with CheckFree, whose expertise in Operational Risk Management has been acknowledged the world over," said Hazem Mulhim, CEO, EastNets. "The partnership with CheckFree will enable EastNets to deliver best-of-breed solutions that enable the region's financial organizations to effectively manage, monitor and mitigate operational risk. Implementing these state-of-the-art solutions will help organizations to achieve significant operational efficiency and financial control, ultimately boosting business growth."

Ian Sinclair, Head of Partner Management, CheckFree Software, said, “EastNets brings to CheckFree a significant financial services client base and strong relationships with prestigious customers, as well as experience delivering sophisticated technology solutions. With CheckFree’s Operational Risk Management software supported by the sound regional experience and proven delivery expertise of EastNets, we are confident that organizations in the Middle East will quickly benefit from solutions that we can jointly bring to our customers."

Financial organizations around the world have benefited from CheckFree’s market-leading solutions. CheckFree’s global client base includes retail and investment banks, asset and investment managers, and brokers.

"EastNets is committed to forging carefully developed alliances with leading industry players, to deliver solutions of the highest quality to our customers. We have a proven track record of identifying and delivering world-class technologies that are best suited for the regional market. More importantly, EastNets' comprehensive understanding of the Middle East market allows it to tailor these service offerings to meet specific regional requirements," Mulhim concluded.

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