CheckFree Adds Degussa Bank to Expanding European Customer Portfolio
July 25 2006 - 10:00AM
PR Newswire (US)
ATLANTA and LONDON, July 25 /PRNewswire-FirstCall/ -- CheckFree
(NASDAQ:CKFR) today announced that Degussa Bank GmbH, the German
bank owned by ING-DiBa, the direct banking subsidiary of Dutch ING
Group NV, has selected CheckFree's Accurate NXG(TM) to automate its
cash, securities and commission account reconciliations.
CheckFree's Operational Risk Management solution will increase the
efficiency of the bank's reconciliations process, enabling it to
potentially manage operational risk more effectively. Built on the
four core competencies of reconciliation, exception management,
workflow and business intelligence, CheckFree's Accurate NXG will
be deployed in Degussa Bank's headquarters in Frankfurt, Germany.
The solution will automate a previously manual reconciliations
process that was proving time-consuming and costly. By using a
single reconciliation platform from CheckFree, Degussa Bank will
ensure data integrity and efficiency across its various transaction
types, thereby reducing potential risk throughout the organisation.
With the CheckFree solution, Degussa Bank will improve the
investigation and resolution of transaction errors, and ultimately
reduce the incidence of errors in the future. CheckFree's Accurate
NXG is optimised for reconciliation processing, through multiple
match rules, as well as advanced data repair and enrichment
capabilities. The solution also drives business reporting to
deliver analysis and solid metrics to senior management to improve
risk management. Dirk Van de Velde, vice president, continental
Europe at CheckFree Software, said, "Degussa Bank is a key addition
to our client portfolio in Europe and reinforces our growing
reputation in the German financial services industry. By replacing
largely manual processing with our solution, Degussa Bank will not
only increase processing efficiencies, but will also free up
existing staff to perform more value-added analysis, enabling
operational risk to be managed more effectively." About Degussa
Bank (http://www.degussa-bank.de/) Degussa Bank is a 100% owned
subsidiary of ING-DiBa AG and is part of the ING Group. A member of
the Association of German Banks, Degussa's roots go back to a
precious metal separating business. Specialising in worksite
banking for private customers, Degussa Bank offers a large variety
of services including investment banking, securities business,
personal loans, home loans, telephone banking and internet banking.
Degussa Bank is located at industrial, business and technology
parks as well as large companies such as BASF, DEA Mineraloel AG,
DuPont de Nemours, Henkel KgaA, Industriepark Hochst, Lurgi AG,
Lufthansa AG, Fraport AG, Opel AG, Bayer AG and Siemens AG. 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), Form 10-Q for the quarter ended
December 31, 2005 (filed February 8, 2006), and Form 10-Q for the
quarter ended March 31, 2006 (filed May 9, 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 relations, Judy
DeRango Wicks, +1-678-375-1595, or , or Investor relations, Tina
Moore, +1-678-375-1278, or , both of CheckFree Corporation Web
site: http://www.checkfreecorp.com/ http://www.degussa-bank.de/
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