Mutual life insurer to manage risk and optimize transaction growth with CheckFree's Accurate NXG

ATLANTA, Oct. 13 /PRNewswire-FirstCall/ -- CheckFree Corporation (Nasdaq: CKFR - News) today announced that The Penn Mutual Life Insurance Company, the second-oldest mutual life insurance company in the United States, has selected CheckFree's Accurate NXG(TM) reconciliation and exception-management solution to automate the company's cash and securities reconciliation processes.

The Accurate NXG solution, which will be deployed in Penn Mutual's investment management and treasury operations divisions, will enable the firm to improve operational intelligence, gain a single enterprisewide view of its reconciliations, increase efficiency and better manage operational risk across the organization.

Jason Pandolfo, assistant vice president of Penn Mutual's Investment Operations, said, "As a mutual company, we are focused on process excellence and appropriate controls, which will increase our agility in meeting our business demands. Therefore, our goal was to implement a scalable and flexible reconciliation solution that could be used throughout the enterprise."

Accurate NXG will be used to reconcile positions and trading activity with internal accounting, trading and risk systems and confirm positions with custodians. The solution will also enable Penn Mutual to eliminate internal proprietary reconciliation processes, which were not sufficient for auditing purposes, and improve the investigation and resolution of transaction errors.

Esther Pigg, vice president of global product management at CheckFree Software, said, "CheckFree's Applied Operational Intelligence(SM) approach allows customers to easily implement an enterprisewide, operational control framework that helps them to meet the challenge of growing transaction volumes, achieve new levels of regulatory control and drive performance and profitability. CheckFree's expertise, gained from working closely with global organizations, such as Cincinnati Financial, Canada Life and Skandia, has positioned CheckFree as a strategic partner for the mutual life insurance industry."

CheckFree's Applied Operational Intelligence approach helps clients drive profitability and performance by combining innovative software, proven expertise and operational intelligence. This approach is built on CheckFree's core competencies of reconciliation, exception management, transaction processing, corporate actions processing, bank payment, risk management and compliance. Applied Operational Intelligence is expressly designed to manage risk and efficiency, while leveraging operational intelligence to achieve measurable return on investment.

Accurate NXG is deployed across a worldwide customer base, including some of the largest domestic and international banks, custodians, brokers and investment firms. For more information about Accurate NXG, visit http://www.checkfreesoftware.com.

About Penn Mutual (http://www.pennmutual.com)

The Penn Mutual Life Insurance Company is the nation's second oldest mutual life insurer. Founded in 1847, the company provides life insurance and annuity products through a national network of professional agents and financial advisors who help clients meet their financial needs with confidence. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., its wholly owned subsidiary. Visit Penn Mutual on the Internet at http://www.pennmutual.com.

About CheckFree (http://www.checkfree.com)

Founded in 1981, CheckFree Corporation (Nasdaq: CKFR - News) provides financial electronic commerce services and products to organizations around the world. CheckFree Electronic Commerce solutions enable thousands of financial services providers and billers to offer their customers the convenience of receiving and paying their household bills online or in person through retail outlets. CheckFree Investment Services provides a broad range of investment management solutions and outsourced services to thousands of financial services organizations, which manage about $1.4 trillion in assets. CheckFree Software develops, markets and supports software applications that are used by financial institutions to process more than two-thirds of the 14 billion Automated Clearing House transactions in the United States. The division also provides operational risk management, financial messaging, corporate actions, and regulatory compliance software to more than 1,500 organizations across the globe.

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 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 Annual Report on Form 10-K for the year ended June 30, 2006 (filed September 8, 2006). 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 press release 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.

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Source: CheckFree Corporation

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