CKFR Checkfree Corp (MM)

BACS EBPP Ltd Receives Support From HSBC and Lloyds TSB to Work Actively in the UK to Deliver More Bills Online LONDON and ATLANTA, July 30 /PRNewswire-FirstCall/ -- The joint venture from BACS and CheckFree Corporation (NASDAQ:CKFR) has secured the participation of HSBC and Lloyds TSB in its work to develop a service, which will provide additional electronic bill presentment and payment functionality in the UK. The service from BACS EBPP will provide an easy and integrated route for bills to be viewed and paid through online bank sites, giving UK billers, such as utilities, a suite of benefits that will provide the potential for cost savings and improved customer service. Martin Kearsley, managing director of the new company, said: "We have undertaken independent research that shows billers who provide their customers with online functionality can experience lower costs and faster payment. With BACS' payments industry expertise and CheckFree's electronic billing leadership, BACS EBPP will provide a reliable, secure and proven forum to ensure billers and their customers can gain increasing value and convenience from the online management of personal finances. We are delighted to be actively working with both HSBC and Lloyds TSB on this development which will benefit billers, banks and their customers." Matthew Timms, head of Lloyds TSB Internet banking, commented on the decision to support the establishment of the BACS EBPP service: "We are dedicated to continuing the growth of our online channel and to constantly improving the services we offer customers. The benefits for customers are clear - by giving them the chance to pay and view their bills on one site we'll be making this aspect of managing their finances simpler and speedier and this will pay dividends for all involved. By working with BACS to deliver this service, we can continue to meet the rapidly growing online demand for innovative banking services." As Internet banking continues to grow, this new service will streamline personal finances by providing the ability to manage bills alongside an online bank account, without the need for multiple passwords across different billers' sites. Internet banking and online bill presentment and payment will also reduce the likelihood of lost cheques or missed payments. Pete Kight, chairman and chief executive officer, CheckFree Corporation, concluded: "We have seen in other countries the significant benefits for billers who adopt this model in terms of strengthened customer relationships and billing operational efficiencies. We have also seen that once these services are easily accessible, banking customers who view and pay bills online at their trusted bank site rarely go back to their former less efficient methods." Marion King, CEO, BACS Ltd added: "Working with HSBC and Lloyds TSB is encouraging for the future of our joint venture and a clear signal to billers to get on board. Strengthening customer relationships, reducing the reliance on paper bills while streamlining billing, accounts receivable and customer care operations is a win-win situation for everyone." Benefits to Participants * Significant cost reductions for billers as the reliance on paper bills decreases and automation of manual tasks occur * Billing organisations will be able to strengthen customer relationships via visibility, targeting interactive marketing messages through the electronic bill, and by offering the convenience of remote access to bills and statements * Tight integration between billing operations, accounts receivable and customer care systems within their operational environment will deliver substantial cost savings * Banks will be able to offer new levels of service and convenience to consumers, who cite the ability to view and pay bills at a single site as an increasingly critical component of their online banking experience * The frequency of bank-site visits will increase as consumers log-on while automated access, time savings and availability offer the individual greater control * UK consumers will have the ability to both view and pay their bills at their bank's website About BACS ( http://www.bacslimited.co.uk/ ) * BACS Limited is one of the world's largest and most advanced automated clearing houses driving the heart of the UK's financial systems, responsible for processing Direct Debits and Direct Credit salary payments. * BACS processes over 4 billion financial transactions annually with more than 64 million on a peak day in 2003. * Around 50,000 businesses connect to the BACS service, including all of the FTSE 100, while a further 60,000 businesses are indirect submitters to BACS through a bureau. * The use of BACS products and services has revolutionised the payments industry and enables more companies than ever to realize the benefits of making automated payments, including cost effectiveness, reliability, convenience and ease of use. * Over 90% of UK salaries are paid by Direct Credit. About CheckFree ( http://www.checkfreecorp.com/ ) CheckFree (NASDAQ:CKFR) is a provider of financial electronic commerce services and products. Founded in 1981 and celebrating its 23rd year in e- commerce, CheckFree is comprised of three divisions: Electronic Commerce, Software, and Investment Services. CheckFree launched the first fully integrated electronic billing and payment solution in 1997. In the quarter ended March 31, 2004, more than 13 million consumers initiated online payments through services offered by CheckFree's Electronic Commerce division. Electronic billing and payment is available through more than a thousand financial services organizations, including banks, brokerage firms, Internet portals and personal financial management (PFM) software. At these sites, consumers are able to electronically receive and pay essentially all the bills most common to a U.S. household. CheckFree delivers 22.5 million e-bills each quarter. CheckFree Investment Services provides a broad range of investment management services to thousands of financial institutions nationwide. The division's clients manage nearly 1.5 million portfolios totaling more than $900 billion in assets. CheckFree's Software division provides solutions through three operating units: CheckFree ACH Solutions, CheckFree Financial and Compliance Solutions (CFACS), and CheckFree i-Solutions. CheckFree ACH Solutions provides software and services that are used to process more than two-thirds of the nation's nine billion Automated Clearing House payments, while CFACS provides reconciliation, financial messaging, workflow and compliance software and services to more than 600 organizations in the banking, brokerage, investment management, insurance and credit card industries, among others. CheckFree i-Solutions is the leading provider of e- billing and e-statement software and services for both business-to-consumer and business-to-business applications. 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, 2003 (filed September 15, 2003), Quarterly Report on Form 10-Q for the quarter ended September 30, 2003 (filed November 13, 2003), Quarterly Report on Form 10-Q for the quarter ended December 31, 2003 (filed February 12, 2004), and Quarterly Report on Form 10-Q for the quarter ended March 31, 2004 (filed May 14, 2004). 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 and BACS Limited CONTACT: Media, Ana Bolitho of BACS Ltd, +0870-920-8625, or ; or Lisa Welsh of Band & Brown, +1-020-7419-7000, or ; or Media, Judy Wicks of CheckFree, +1-678-375-1595, or , or Investors, Tina Moore, +1-678-375-1278, or ; or Media contact for CheckFree in the UK, Elaine Graham, +1-00-44-1570-470706, or Web site: http://www.checkfreecorp.com/ http://www.bacslimited.co.uk/

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