CheckFree and Wachovia Sign Multi-Year Contract Extension for Fully Outsourced Electronic Billing and Payment Services
July 07 2004 - 5:31PM
PR Newswire (US)
CheckFree and Wachovia Sign Multi-Year Contract Extension for Fully
Outsourced Electronic Billing and Payment Services -- With
multi-year strategic relationship in place, CheckFree will support
Wachovia's online banking customers with CheckFree Web platform --
ATLANTA, July 7 /PRNewswire-FirstCall/ -- CheckFree Corporation
(NASDAQ:CKFR) today announced that it has signed a five-year
contract extension with Wachovia Corporation (NYSE:WB) to provide
fully outsourced electronic billing and payment services to
Wachovia's entire online banking customer base. With this
agreement, Wachovia will leverage CheckFree's high-quality
electronic billing and payment processing capabilities and
CheckFree Web, its consumer-centric user interface, to deliver
industry- leading capabilities to Wachovia's online customers.
While CheckFree today serves a portion of Wachovia's active online
bill payment customers, the financial services organization will
eventually migrate all of its retail and small business customers
to the CheckFree Web platform. The contract includes provisions to
ensure mutual success and provides access to the entire CheckFree
infrastructure. CheckFree's industry-leading services will allow
Wachovia to bring new features to its online customers, including a
single-point bill management interface, faster payments, smart
biller setup, enhanced e-mail notifications and much more.
Consumers will be able to request greater access to CheckFree
e-Bills(SM) from a growing number of national, regional and local
billing companies through Wachovia's Web site. "Wachovia is among
the country's premier financial services companies, and this
expanded partnership will bring their online customers the
country's leading suite of electronic billing and payment
capabilities," said Steve Olsen, executive vice president and
general manager of CheckFree's Electronic Commerce Division. "We
believe Wachovia's leadership will enable our companies to further
extend these services into the mainstream consumer market and to
pursue additional innovations in the electronic financial services
industry." "CheckFree's long track record of innovation, quality
and technology leadership made them the ideal long-term, strategic
partner for Wachovia to bring full electronic billing and payment
services to our customers," said Lawrence Baxter, Wachovia's
executive vice president and chief eCommerce officer. "With
CheckFree we are committed to giving our consumers the convenience
and financial control of viewing and paying bills with an
industry-leading interface through wachovia.com. In addition, the
greater availability of e-Bills will deliver important content to
our online customers, which will continue to enhance the value the
service offers." 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'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 CONTACT: Media
relations, 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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