CheckFree Streamlines Check Conversion with New Back Office Conversion Solution
16 Outubro 2006 - 11:00AM
PR Newswire (US)
CheckFree PEP+ reACH/BOC Module Speeds Collection Process, Reduces
Costs, Providing Significant Benefit to Bank's Corporate Customers
ATLANTA and LAS VEGAS, Oct. 16 /PRNewswire-FirstCall/ --
Association of Finance Professionals Conference, Booth #623 --
CheckFree Corporation (NASDAQ:CKFR) today introduced a new module,
CheckFree(R) PEP+(R) reACH/BOC, that will enable banks to
streamline the process of check conversion for their corporate
customers. The new module will enable organizations to support
NACHA's new Back Office Conversion (BOC) Standard Entry Class Code,
which goes into effect on March 16, 2007. Back Office Conversion
aligns Check 21 and Automated Clearing House (ACH) processing to
facilitate best-path routing decisions on many checks presented at
the point of sale. Growth in the BOC sector is expected to be
significant in the near future, with estimates that market adoption
will reach three billion back-office conversions in the next five
years, delivering a five-year net benefit to the banking industry
of $320 million, according to the National Automated Clearing House
Association (NACHA) - The Electronic Payments Association. With BOC
rules incorporated into CheckFree's PEP+ reACH/BOC solution,
financial institutions can now convert eligible checks presented at
the point of sale to ACH transactions for deposit. This streamlined
approach reduces costs associated with items deposited through
image exchange and those printed as Image Replacement Documents
(IRDs), while increasing ACH origination. "CheckFree's goal, as
embodied in our Applied Operational Intelligence(SM) approach, is
to continually deliver innovation to our customers in response to
growing marketplace needs and ever-changing regulations," said
Esther Pigg, vice president of global product management for
CheckFree Software. "As a result, we can increase the value of the
ACH processing and check conversion solutions that customers
already have in place from CheckFree. CheckFree's new PEP+
reACH/BOC module strategically positions our customers for current
and future check conversion initiatives with the secure, proven and
scalable PEP+ reACH infrastructure, and further aligns check, Check
21 and ACH processing." To help corporate merchants and retailers
accomplish these business objectives, CheckFree's PEP+ reACH/BOC
module provides several key capabilities, including: - Leveraging
proven end-to-end check conversion capabilities and architecture of
the leading Accounts Receivable Conversion solution, PEP+ reACH. -
Integrating NACHA requirements for BOC to enable high conversion
rates with low administrative return rates and rapid, superior
decisioning results. - Integrating BOC rules into the PEP+ reACH
application programming interface (API) to allow a bank's
transaction routing engine to identify and convert eligible BOC
items to ACH. - Providing an enhanced Electronic Remittance File
format to allow ACH eligible BOC transactions to interface with
PEP+ reACH, designed to ensure timely and accurate processing of
eligible BOC transactions within PEP+. - Integrating BOC
transaction schemes in PEP+ reACH to reflect actual Financial
Institution transaction activity, minimizing returns and enabling
the correction of parsing errors. CheckFree's Applied Operational
Intelligence(SM) approach helps clients drive profitability and
performance through a combination of innovative software, industry
expertise and collaborative partnership. This approach is built on
CheckFree's core competencies of reconciliation, exception
management, transaction process management, corporate actions
processing, payments processing, risk management and compliance.
Applied Operational Intelligence is expressly designed to manage
risk and efficiency, while leveraging valuable 'operational
intelligence' to achieve measurable return on investment. CheckFree
PEP+, together with its comprehensive range of add-on modules,
provides a complete solution for quickly and efficiently
originating and receiving payments through the Automated Clearing
House (ACH), improving operating effectiveness and decreasing
costs. CheckFree PEP+ reACH also provides an end-to-end Accounts
Receivable Conversion (ARC) solution that converts paper payments
to electronic payments and enables them to be processed via the ACH
payment network. PEP+ reACH enables organizations to implement an
ARC solution with minimal organizational impact, while gaining
great value and benefit. This system ensures the correct capture of
routing information, maximum conversion of paper check items with
decisioning impact, and an end-to-end solution built upon
traditional remittance processes that leverage existing ACH
operations. 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 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.
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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