CheckFree Supports ACH Globalization with PEP+ Software Platform
November 03 2003 - 9:00AM
PR Newswire (US)
CheckFree Supports ACH Globalization with PEP+ Software Platform -
PEP+ Processing Platform Enhanced to Allow Users To Access Federal
Reserve's International Services - ATLANTA and ORLANDO, Fla., Nov.
3 /PRNewswire-FirstCall/ -- AFP Annual Conference Booth #101 --
CheckFree ACH Solutions, a business unit of CheckFree Corporation ,
today announced it has successfully developed and implemented
enhancements to its PEP+ system, the premier Automated
Clearinghouse (ACH) processing platform among leading financial
institutions, that will allow financial institutions to originate
and receive international payments through the Federal Reserve's
new international services. Earlier this year, the Federal Reserve
announced that it would support the origination and receipt of
credit items between the United States and select European
countries beginning November 3, 2003. The Federal Reserve's
service, called the Transatlantic LPI (Limited Production
Implementation), will enable ACH transactions to be processed
between U.S. banks and financial institutions in Austria, Germany,
the Netherlands, Switzerland and the United Kingdom. A similar
service is currently planned for late 2004 that will enable
payments to be processed to and from Mexico. By implementing this
solution, account holders at banks that use this enhancement will
be able to originate and receive credit transactions with countries
that are participating in the Transatlantic LPI. This process will
play an increasing role as businesses and consumers look for more
economic and efficient means to pay for goods and services
overseas. "The Federal Reserve strongly supports the concept of
expanding cross border retail payments services through the ACH
network," stated Rich Oliver, retail payments product manager for
the Federal Reserve. "We deeply appreciate the leadership of
vendors, such as CheckFree, in helping to achieve this vision."
"The Federal Reserve has done an excellent job of anticipating the
needs of payment systems participants," adds Denny Oswalt, senior
vice president and general manager of CheckFree's ACH Solutions
business unit. "Previously, wire transfer was the primary means for
making international payments and proved costly for many types of
transactions. Working with representatives of the Federal Reserve
Bank, CheckFree has enabled various stakeholders to benefit from a
new effective and efficient means for paying international trading
partners." About CheckFree (http://www.checkfreecorp.com/)
CheckFree (NASDAQ:CKFR) is the leading 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
September 30, 2003, more than 11 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 about 300 bills,
representing the bills most common to a U.S. household. CheckFree
delivers nearly 15 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 more than 1.3 million portfolios totaling
more than $700 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 and compliance software and
services to more than 500 organizations in the banking, brokerage,
utility, retail, 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, with more billers
as clients than all of its competitors have combined. 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 Company's Form 10-K for the year ended June
30, 2003 (filed September 15, 2003) and Form 8-K (filed October 21,
2003). There can be no assurance that the forward-looking
statements made in this document 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 Web site:
http://www.checkfreecorp.com/ Company News On-Call:
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