CheckFree Streamlines Reconciliation Processing for Absolute Poker as Growth in Online Gaming Drives Need for Tighter Operation
March 23 2006 - 12:15PM
PR Newswire (US)
Business Intelligence Dashboard Technology Helps Fraud Analysis
ATLANTA and LONDON, March 23 /PRNewswire-FirstCall/ -- CheckFree
(NASDAQ:CKFR), today announced that Absolute Poker, the world's
fourth largest online poker destination, has selected CheckFree's
Operational Risk Management solution, Accurate NXG. In response to
the growth in online gaming and the company's expansion into new
markets, Absolute Poker will use CheckFree's Accurate NXG to
automate its reconciliation and exception management procedures in
order to mitigate transactional risk and tighten its operational
controls. CheckFree's Accurate NXG will provide an enterprise-wide
reconciliation and exception management framework and a business
intelligence Dashboard reporting solution, enabling Absolute Poker
to better address rapidly increasing volumes of online
transactions. In a multi-phased implementation, CheckFree's
Operational Risk Management solution will firstly be deployed in
Absolute Poker's operations in Costa Rica in the first quarter of
2006, replacing semi-automated in-house reconciliation, exception
management and payment analysis processes. As its volume of online
transactions soared, Absolute Poker saw a need for tighter
operational control and was keen to reduce transactional risk in
its online sales channels. By automating the end-to-end transaction
processing of payments from inception to final resolution through a
single reconciliation platform, CheckFree's Accurate NXG will
decrease processing time considerably whilst reducing costs and
Absolute Poker's potential exposure to operational risk. Absolute
Poker's senior finance and operations management executives will be
equipped with CheckFree's Accurate NXG business intelligence
Dashboard technology which provides enhanced management information
reporting. In the first phase of the implementation, the Dashboard
will be used across Absolute Poker's payment channels, enabling
monitoring of trends and cash flows relating to multi-currency
deposits and withdrawals. CheckFree's considerable domain expertise
in the gaming industry has enabled it to further develop its
Dashboard technology to give customers an extra level of
sophistication and transparency in their reporting processes. In
phase two of the deployment, Absolute Poker will leverage the
Dashboard further to analyse cash flows and perform behavioural
analysis. As the relationship continues, Absolute Poker envisages
that CheckFree's Accurate NXG Dashboard will become a vital
component in its fraud prevention strategy, enabling senior
management to analyse and monitor fraudulent behaviour and prevent
loss, complementing its existing security features. "With our rapid
expansion outside of our domestic market has come the need to build
an effective reconciliation and exception management framework,
that enables us to maintain stringent operational control across
our organisation," said Brent Beckley, Director of Payments and
Risk Management for Absolute Poker. "CheckFree's strong client base
and reputation in the gaming industry made the firm the obvious
choice to help us to effectively develop our existing operational
control infrastructure. As we look to strengthen our fraud
prevention and security services further, CheckFree's Dashboard
technology will form a key part of this strategy." Since its
creation in 2003, Absolute Poker has seen experienced exponential
growth year on year, counting nearly two million active accounts
with 25,000 users at peak times. The site is currently available in
English and Spanish, and is accessed mainly by customers in the
Americas. Absolute Poker currently handles transactions through
leading payments service providers, including VISA, MasterCard,
Switch, Solo, Maestro and Electron as well as with payment service
specialists such as NETeller, Moneybookers, Firepay, Click2Pay, and
Nexum. Peter Jameson, business development manager, Gaming and
Leisure at CheckFree said, "Absolute Poker's choice of CheckFree's
Accurate NXG demonstrates that our solution is both scalable and
flexible enough to support business growth in new markets.
CheckFree has a deep understanding of the challenges faced by both
domestic and global online gaming companies and as a result
continues to build unrivalled solutions that can potentially reduce
operational risk across the enterprise. Furthermore, the experience
gained from our customers will ensure that new technology, such as
our business intelligence Dashboard, meets the needs of the
industry while offering outstanding business value." About Absolute
Poker (http://www.absolutepoker.com/) AbsolutePoker.com is the
world's fourth largest online poker destination, offering worldwide
access to multi-player online games 24 hours a day, seven days a
week. Driven by proprietary software, AbsolutePoker.com offers the
most comprehensive, interactive online poker room, providing such
features as hand history and stat retrieval, player note taking and
chat, locate a player, three-table play, and representative image
selection. Multi-player games offered include: Texas Hold'em, Omaha
High, Omaha Hi/Lo, Seven Card Stud, Seven Card Stud Hi/Lo, One on
One, and Tournaments. Established in 2003, AbsolutePoker.com is
licensed and regulated in Canada. 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), Form 10-Q for the quarter ended September 30,
2005 (filed November 8, 2005) and Form 10-Q for the quarter ended
December 31, 2005 (filed February 8, 2006). 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 Investors, Tina Moore,
+1-678-375-1278, or , both of CheckFree Corporation Web site:
http://www.checkfreecorp.com/ http://www.absolutepoker.com/
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