CheckFree and Hyland Software Offer End-to-End Solution Enabling Payee Verification Fraud Protection and Exception Management Wi
12 Abril 2005 - 11:41AM
PR Newswire (US)
CheckFree and Hyland Software Offer End-to-End Solution Enabling
Payee Verification Fraud Protection and Exception Management With
Check Images - Integrated Solution Offers Payee Capture, Real-Time
Payee Matching and Exception Management Capabilities - ATLANTA and
CLEVELAND, April 12 /PRNewswire-FirstCall/ -- CheckFree Software, a
division of CheckFree Corporation (NASDAQ:CKFR), and Hyland
Software, Inc., developer of the OnBase(R) enterprise content
management (ECM) software suite, today announced the expansion of
their existing partnership to provide CheckFree ARP/SMS(TM)
customers with a comprehensive solution for payee enabled positive
pay for fraud protection capabilities. Check fraud is at an
all-time high with losses to financial institutions in the millions
of dollars. For this reason, CheckFree and Hyland developed an
end-to-end, integrated solution, combining the power of the
CheckFree Payee Verification Module's payee positive pay processing
engine with the imaging and workflow capabilities of Hyland
Software. This combined solution includes state-of-the-art payee
capture methods and image-enabled exception management from Hyland
Software, coupled with CheckFree Software's integrated, real-time
Payee Verification and reconciliation platform. "CheckFree
continually looks to help its banking customers improve service
levels, address corporate market needs, strengthen relationships,
streamline operations and minimize operational and financial risk
for their clients," said Randy McCoy, executive vice president and
general manager, CheckFree Software. "As a trusted technology
partner, CheckFree also helps its financial institution customers
prepare for new industry initiatives by expanding the value of a
customer's existing ARP/SMS investment." Payee Verification for
ARP/SMS begins with matching payee line information from an image
to the information on the issue file. If a mismatch or potential
fraudulent item is detected, this item, along with other positive
pay exceptions, will be forwarded to corporate clients for
evaluation and a payment decision. The Exceptions Management module
from Hyland Software can be leveraged for the CheckFree Payee
Verification solution to manage payee mismatches, as well as all
other exception types. The payee matching process has been
completely integrated with all ARP/SMS modules including positive
pay, reconciliation and teller positive pay, which provides value
through fraud detection services to corporate clients and without
making substantial system integration changes. "The societal costs
of check fraud and counterfeiting in the United States reach well
over $10 billion a year -- a conservative estimate. Banks have no
choice -- they must be more proactive in assisting customers with
check fraud by providing enhanced risk mitigation solutions, yet
neither banks nor companies want to reinvent infrastructure," said
Maggie Scarborough, Research Manager, Banking Practice at Financial
Insights, an IDC Company. "The CheckFree ARP/SMS platform with its
Payee Verification module combined with Hyland's image capture and
workflow capabilities -- gives banks the right technology blend to
help companies manage payee-related fraud exceptions earlier in the
process." Hyland adds further value to the solution by providing a
self-configuration capture tool that automatically detects the
exact coordinates of the payee line, eliminating any account level
setup. The payee capture process requires no changes to a company's
existing check stock and has no font or check format restrictions.
"Hyland's imaging and workflow capabilities provide significant
additional value to the CheckFree ARP/SMS solution while allowing
banks to leverage their existing check image archives," said Brenda
Kirk, Financial Services Industry director at Hyland Software.
"This completely integrated solution offers a state-of-the-art
Payee Verification module that automates the payee capture process
with virtually no impact to corporate customers or bank operations
staff. The Exceptions Management module significantly improves
service levels and increases productivity, while also lowering unit
costs." About Hyland Software (http://www.onbase.com/) Hyland
Software, established in 1991, is a leading provider of rapidly
deployable enterprise content management solutions. Hyland develops
OnBase, enterprise-class software that combines integrated document
management, business process management and records management in a
single web-enabled application. OnBase manages virtually every kind
of document (images, reports, statements, application files, web
pages, HTML forms, video, etc.) as well as every stage of the
document lifecycle (creation/input, storage, retrieval, revision,
distribution and publishing), and seamlessly integrates with
hundreds of line-of-business applications. OnBase is used by
thousands of commercial organizations and government agencies to
streamline operations, reduce costs and share information with
employees, partners and customers. As a customer-driven
organization committed to providing world-class service and
support, Hyland is dedicated to developing ECM solutions that are
deployable at both the departmental and enterprise levels.
Headquartered in Cleveland, Ohio, Hyland has offices located in
North America, Latin America, Europe and Japan. Visit
http://www.onbase.com/ for more information. 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
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 Investor Relations, Tina Moore,
+1-678-375-1278, , both of CheckFree; or Media, Alven Weil of
Hyland Software, Inc, +1-440-788-5887, Web site:
http://www.onbase.com/ Web site: http://www.checkfreecorp.com/
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