CKFR Checkfree Corp (MM)

CheckFree Software Announces CheckFree Payee Verification(TM) Providing Cost Savings for Financial Institutions and Their Customers -- CheckFree Payee Verification Offers a Fraud Protection and Positive Pay Solution That Increases Security and Reduces the Risk of Check Fraud -- SAN DIEGO, Nov. 9 /PRNewswire-FirstCall/ -- AFP Annual Conference Booth# 1613 -- CheckFree Software, a business of CheckFree Corporation (NASDAQ:CKFR), today announced the availability of CheckFree Payee Verification at The Association for Financial Professionals (AFP) 2004 annual conference. CheckFree Payee Verification provides financial institutions with a new tool to protect against check fraud and expands the positive pay services offered to their commercial customers. Industry organizations estimate check fraud costs companies millions of dollars annually. For 35 years, CheckFree pioneered and innovated positive pay solutions that matched a corporate customer's check issue file with a physical check by using payment amount or check number. Now forgers have begun to alter the payee name on a check to get stolen or duplicated checks processed. The new CheckFree Payee Verification module can significantly reduce the risks to financial institutions and their commercial customers by using image capture technology to pull payee names off of check images. Payee Verification is integrated with CheckFree's ARP/SMS (Account Reconciliation Package/Service Management System), a check reconciliation and positive pay solution. This new module is integrated with the CheckFree ARP/SMS solution to provide additional fraud protection and positive pay services as well as the ability to specifically reconcile and match the payee name. This enhanced cash management/positive pay tool allows banks to identify altered or unmatched payee paid exception items. If the results conclude the check has been changed or added to, it is rejected as an exception and may be presented to the company for a "pay" or "return" decision with no loss to the customer or the bank. "With CheckFree Payee Verification, check forgers will not be able to pass checks that do not match bank and merchant data," said Denny Oswalt, senior vice president, North American operations for CheckFree Software. "CheckFree has added Payee Verification to our fraud protection suite of services to protect a bank and its corporate customers and significantly reduce their financial losses." Product Availability CheckFree Payee Verification is available as an add-on module to CheckFree's ARP/SMS application beginning December 31, 2004. About CheckFree ( http://www.checkfreecorp.com/ ) Founded in 1981, CheckFree Corporation 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 $900 billion 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 thousands 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). 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 Investor relations, Tina Moore, +1-678-375-1278, or Web site: http://www.checkfreecorp.com/

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