Siam Commercial Bank Chooses CheckFree to Deliver the First Bank-Centric Electronic Invoicing and Payment Service for Businesses
05 Abril 2005 - 8:00PM
PR Newswire (US)
Siam Commercial Bank Chooses CheckFree to Deliver the First
Bank-Centric Electronic Invoicing and Payment Service for
Businesses in Thailand ATLANTA and LONDON, April 5
/PRNewswire-FirstCall/ -- CheckFree Software, a division of
CheckFree Corporation (NASDAQ:CKFR), today announced that Siam
Commercial Bank (SCB) has selected CheckFree i-Series to deliver
Thailand's first bank-hosted, business-to-business electronic
invoicing and payment (EIP) service based on an industry-leading
electronic invoicing solution. A high profile project within the
country, SCB is the first bank in the country to offer an e-billing
service that is specifically focused on the business community,
starting with the bank's own corporate customers The service sits
at the core of SCB's business strategy to increase its competitive
edge, enhance customer satisfaction, attract new customers and
accommodate the demands of its top-tier customers that want to
switch to Internet-based invoicing. When SCB decided to replace its
in-house built e-invoicing system last year, the bank undertook an
extensive evaluation process to choose a supplier that could
provide global support and has a track record of developing
complex, business-to-business EIP sites. CheckFree was selected on
the basis of its international reputation, the flexibility of the
CheckFree i-Series software and the financial strength of the
Company. Charamporn Jotikasthira, SCB executive vice president of
Business Cash Management Group commented: "Due to a growing
customer demand for more advanced features, we needed world class
software with the superior execution capabilities that would enable
us to support Electronic Presentment and Payment (ePP). This is a
strategic service we have launched to serve our B2B customers,
enhance cash management, increase our market competitiveness and
customer satisfaction, all in fulfillment of our mission statement
to be our region's bank of choice." Natruedi Punyaratabandhu,
project manager at the Business Cash Management Group of SCB said:
"As a bank, supporting a hosted e-billing system was not a core
competency and maintaining our in-house platform was not an
efficient use of our resources. With each new invoicer added to the
system, we would need to build a custom, costly application from
the ground up. The flexibility of the CheckFree i-Series platform
enables SCB to rapidly add new corporates to the service, a primary
decision factor for SCB in choosing its new technology partner. In
addition, CheckFree's domain expertise will give us the speed,
security and stability to bring our new, corporate banking service
to market quickly." One of the drivers in SCB's decision to launch
a business-based service was the growing demand for the type of
support tools that only electronically based billing services can
provide. These include single Internet banking sign-on, multiple
file format downloads, invoice queries and dispute handling,
flexible payment options, data analysis, customised reporting,
account hierarchies, split billing and further payment
functionality to support cash management and customer account
management processes. In fact, a key attraction of CheckFree
i-Series was the advanced features of its Payment Warehouse, a data
repository that provides the bank or invoicers with a consolidated
record of customer payments, including the type of payment (one
time, recurrent, split payment), the payment instrument (direct
debit, credit card, etc.) and whether or not many payments were
made from a single account, or single payments came from multiple
accounts, and so on. SCB's new e-invoicing service is expected to
go live in April 2005. The first wave of billers to sign up for the
service includes a large construction company, automobile
manufacturer and telecommunications provider. Ultimately SCB is
focusing on the invoice servicing needs of the top 100 corporates
in Thailand. The next step is to invite the bank's own 5,000
corporate Internet banking customers to view and pay their invoices
online, and then to expand outwards to sign on new corporate
subscribers. SCB also plans to extend the service to its own
consumer-based (B2C) customers at a future date. Says Randy McCoy,
executive vice president and general manager of CheckFree Software:
"SCB is already one of Asia Pacific's foremost commercial banks and
therefore a highly trusted payment services provider. In building a
reputation as a leading B2B biller service provider, SCB is
positioning itself as a value-added facilitator and strategic link
between invoicers and payers within the overall supply chain
community. This business strategy is visionary and ambitious, and
CheckFree looks forward to assisting the company in delivering
future success." About Siam Commercial Bank Siam Commercial Bank
(SCB), the first Thai bank, was established in 1906. Today it
serves customers in all segments in the Thailand's financial market
and ranks one of the top four by market capitalization among Thai
financial institutions. SCB has always maintained a leading stance
as pioneer and leader in banking technology in order to provide the
best services responding to customer's needs. It was the first bank
to introduce ATM, Internet Banking and Mobile Banking in Thailand.
Currently, its service network is one of the largest among
financial institutions with 562 branches, 41 Business Centers, 93
FX kiosk and more than 2,000 ATMs nationwide. SCB has announced
record net profit of Baht 18.4 billion for 2004's operation, the
highest among Thai banks. It aims to be 'the Leading Universal Bank
in Thailand.' About CheckFree ( http://www.checkfreecorp.com/ )
Founded in 1981, CheckFree Corporation (NASDAQ:CKFR) 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 more
than $1 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 10 billion
Automated Clearing House transactions in the United States. The
division also provides global trade processing, reconciliation,
financial messaging, compliance and electronic billing and
statement software to hundreds of organizations across the globe.
Certain of CheckFree'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
CheckFree's business, and other risks and uncertainties detailed
from time to time in CheckFree's periodic reports filed with the
Securities and Exchange Commission, including CheckFree's Annual
Report on Form 10-K for the year ended June 30, 2004 (filed
September 3, 2004), Form 10-Q for the quarter ended September 30,
2004 (filed November 9, 2004) and Form 10-Q for the quarter ended
December 31, 2004 (filed February 8, 2005). One or more of these
factors have affected, and could in the future affect CheckFree'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 CheckFree, or any other person, that the
objectives and plans of CheckFree will be achieved. All
forward-looking statements made in this press release are based on
information presently available to management, and CheckFree
assumes no obligation to update any forward-looking statements.
DATASOURCE: CheckFree Corporation CONTACT: Media, Judy DeRango
Wicks, +1-678-375-1595, or , or Investors, Tina Moore,
+1-678-375-1278, or , both of CheckFree Corporation Web site:
http://www.checkfreecorp.com/
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