KeyBank Signs Multi-Year Agreement for CheckFree's Industry-Leading Electronic Bill Payment Services
30 Agosto 2006 - 11:00AM
PR Newswire (US)
ATLANTA, Aug. 30 /PRNewswire-FirstCall/ -- CheckFree (NASDAQ:CKFR)
today announced a multi-year renewal agreement with KeyBank, one of
the nation's largest banks, to be the bank's primary electronic
bill payment provider. KeyBank has provided a secure electronic
bill payment service since 1999. The agreement includes a
significant joint investment in consumer education on the benefits
of electronic bill payment services, from timesavings to financial
control and more. "More customers are recognizing the many benefits
of electronic bill payment services," said Paul Graning, senior
vice president, National Channel Management at Cleveland, OH-based
KeyBank. "Working with CheckFree, the industry leader, has helped
us develop a loyal, growing base of online users, and also enabled
us to provide the highest-quality service available. We look
forward to teaming with them on our new educational programs that
promote the value of paying bills online." By using a consolidated
banking site, customers are able to manage and organize their
finances in one convenient location. Consolidated site users
benefit from the service's convenience, ease of use and improved
control over payment timing. "CheckFree is committed to offering
the highest-quality electronic billing and payment technology
services to its consumer service provider (CSP) partners such as
KeyBank," said Jeff Weikert, senior vice president of the CSP
business unit in CheckFree's Electronic Commerce Division.
"CheckFree will devote significant resources to educating the
bank's customers about the benefits of electronic billing and
payment as the bank expands its technologically savvy user base."
Available at http://www.key.com/, the KeyBank online banking
service offers many valuable features: * 18 months of account
history * Pay anyone bill payment service * Email alerts * Online
check images * Funds transfer between Key accounts and accounts at
other banks * Online statements * State-of-the-art security
Electronic billing and payment are increasingly replacing mailed
paper checks for paying bills. According to a 2006 survey by The
Marketing Workshop, Inc. and Harris Interactive, sponsored by
CheckFree, 69 percent of U.S. online households say they are paying
at least one bill online, up from 56 percent in March 2005.
Additionally, new research suggests that online transactions are a
highly secure payment method. According to a 2006 survey by Javelin
Strategy & Research, identity fraud is higher offline than via
the Web. The report recommends replacing paper bills, statements
and checks with online versions, and monitoring accounts weekly
through online banking sites. According to the CheckFree-sponsored
survey conducted by The Marketing Workshop, Inc. and Harris
Interactive, consumers say the top reasons they pay bills online
are: 1) Convenience - Consumers who receive and pay monthly bills
at a financial institution's website, only need to enter billing
information one time. They eliminate the paper, stamps and hassle
involved in mailing paper checks. 2) Control - Paying bills online
ensures they are paid on time, as scheduled, reducing the chances
of a missed payment or incurring late fees. 3) Ease of use -
Consumers can pay bills when they want, where they want, at home or
on the road. 4) Speed - Eighty percent of electronic payments
handled by CheckFree are processed by the next business day, making
paying bills online faster than sending a paper check. 5) Security
- CheckFree's industry-leading electronic billing and payment
services are safe and reliable. 6) Help the Environment - By
receiving and paying bills online, consumers reduce the demand for
paper. An average American household sends or receives 20 bills,
statements or checks each month, which adds up to 771,000 tons of
paper nationwide. By receiving and paying bills online, the U.S.
alone could help save 18.5 million trees each year, according to a
report by Javelin Strategy & Research. About KeyCorp
Cleveland-based KeyCorp (NYSE:KEY) is one of the nation's largest
bank- based financial services companies, with assets of
approximately $95 billion. Key companies provide investment
management, retail and commercial banking, consumer finance, and
investment banking products and services to individuals and
companies throughout the United States and, for certain businesses,
internationally. 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 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 nearly 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
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, 2005 (filed September 2, 2005), Form 10-Q
for the quarter ended September 30, 2005 (filed November 8, 2005),
Form 10-Q for the quarter ended December 31, 2005 (filed February
8, 2006), and Form 10-Q for the quarter ended March 31, 2006 (filed
May 9, 2006). 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
relations, Judy DeRango Wicks, +1-678-375-1595, or , or Investor
relations, Tina Moore, +1-678-375-1278, or , both of CheckFree
Corporation Web site: http://www.checkfreecorp.com/
http://www.key.com/
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