PinnacleSports.com Goes Live With CheckFree for Enterprise-Wide Reconciliation and Exception Management
February 07 2006 - 4:00AM
PR Newswire (US)
-- CheckFree's Accurate NXG reduces reconciliation processing time
from 8 hours to 45 minutes -- ATLANTA and LONDON, Feb. 7
/PRNewswire-FirstCall/ -- CheckFree Corporation (NASDAQ:CKFR) today
announced that PinnacleSports.com, the leading international online
betting and gaming company, is live with its Operational Risk
Management solution, Accurate NXG, to monitor transactional risk,
automate its bank account reconciliations and optimise the
resolution and reporting of exceptions across its customer
accounts. Accurate NXG, originally developed by Accurate Software
which was acquired by CheckFree in May 2005, has been chosen to
provide an enterprise-wide operational risk management framework to
enable PinnacleSports.com to manage the volume growth in the firm's
online betting and gaming transactions. CheckFree's Accurate NXG
has gone live in the PinnacleSports.com operations centre in
Curacao, one of the islands of the Netherlands Antilles, automating
a previously semi-manual reconciliation and exception management
environment. The process was time-consuming and costly, and
potentially exposed the company to high levels of operational risk.
By seamlessly automating the end-to-end transaction processing of
payments from inception through to final resolution using a single
reconciliation platform, Accurate NXG has been able to move the
processing of reconciliations from an end of day to an intraday
activity -- from 8 hours to an average of just 45 minutes --
freeing up finance executives for more value added activities.
PinnacleSports.com is using Accurate NXG across all products,
including sports betting, racing and casino gaming, to reconcile
transactions, resolve exceptions and provide management information
reporting. The company's finance executives are also equipped with
Accurate NXG's business intelligence Dashboard technology, which
can be accessed remotely. The Dashboard is used across all of the
PinnacleSports.com payment channels, enabling the monitoring of
trends and cashflows relating to multi-currency deposits and
withdrawals. The resulting extra level of transparency minimises
the company's potential exposure to operational risk and reduces
costs through improved operational control. "The growth of
PinnacleSports.com and of the online betting industry as a whole
has been phenomenal and with this growth comes the need to build an
effective operational risk management infrastructure," said Ate de
Jong, chief financial officer at PinnacleSports.com. "CheckFree's
experience in developing APIs has enabled easy integration with
multiple payment service providers in multiple currencies to give
our international customers the freedom to transact in the most
convenient way they choose. By automating labour-intensive manual
reconciliation and exception management processes with an advanced
technology solution, CheckFree's Accurate NXG has enabled
PinnacleSports.com to reduce risk across our entire organisation."
Since its inception in 1998, PinnacleSports.com has seen rapid
growth, particularly during the last three years. The site is
currently available in 14 languages and is accessed across 80
countries making it a truly global offering. As the online betting
industry has grown rapidly in recent years, PinnacleSports.com
online sales channels required a greater emphasis on tightening
operational control and reducing transactional risk. The site
currently handles transactions through leading payments service
providers, including VISA and MasterCard, as well as with payment
service specialists such as NETeller, BankWire, WebMoney and
Moneybookers. PinnacleSports.com plans to support additional
payment methods in the near future, including FirePay, Citadel, as
well as via paper cheques, and, with these services, brings an
increased number of complex, multi-currency transactions. Peter
Jameson, Business Development Manager, Gaming and Leisure at
CheckFree, said, "CheckFree's Accurate NXG solution offers
significant benefits including improved processing, better client
service and minimised risk. Through taking the time to listen and
understand the challenges faced by companies in the online sector,
CheckFree has built an enviable client list in the betting and
gaming industry." About Pinnacle Sports Worldwide
(http://www.pinnaclesports.com/) PinnacleSports.com
(http://www.pinnaclesports.com/) is the Internet's largest sports
betting site, serving customers in more than 80 countries
worldwide. Founded in 1998, PinnacleSports.com was the first sports
book to introduce reduced margin wagering, using a -105 pricing
model that gives bettors up to 50% better value on wagers than
traditional bookmakers. With low minimum bet requirements and the
highest maximum limits on the Web, PinnacleSports.com has earned an
industry-leading reputation for providing consistent value to the
player, professional customer service and the quickest payouts
online. Fully licensed and regulated in Curacao and the United
Kingdom, the company offers a secure environment for sports
betting, racing and casino gaming. 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 $1.3 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 12 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), and Form 10-Q for the quarter ended September
30, 2005 (filed November 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.
First Call Analyst: FCMN Contact: 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/
http://www.pinnaclesports.com/
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