First Tennessee Bank Selects CheckFree's PEP(R)+ reACH/BOC Solution to Streamline Check Conversion
May 01 2007 - 10:00AM
PR Newswire (US)
CheckFree Solution Will Accelerate Payment Collection Process,
Increase Revenues and Help Meet Regulatory Guidelines ATLANTA, May
1 /PRNewswire-FirstCall/ -- CheckFree Corporation (NASDAQ:CKFR)
today announced that First Tennessee Bank, a division of First
Horizon National Corporation (NYSE:FHN), has selected the
CheckFree(R) PEP+reACH(TM)/BOC module to enhance the bank's check
conversion process. The strategic software and services
implementation is designed to enable the bank to support NACHA's
new Back Office Conversion (BOC) Standard Entry Class Code, which
went into effect on March 16, 2007. First Tennessee is one of the
first financial services providers to deploy the CheckFree BOC
solution. By leveraging the BOC rules incorporated into CheckFree's
PEP+ reACH/BOC solution, First Tennessee Bank can convert eligible
checks presented at the point of purchase to ACH transactions for
deposit. The bank expects to benefit from a streamlined approach
that reduces costs associated with paper deposits, while increasing
ACH origination. In addition, First Tennessee Bank has selected the
CheckFree PEP+ Risk Compliance package to assist in meeting the
suggested regulatory guidelines for check fraud protection set
forth by the Office of the Comptroller of the Currency (OCC) in OCC
Bulletin 2006-39. The CheckFree PEP+ Risk Compliance package will
help ensure that First Tennessee Bank can monitor the high volumes
of transactions flowing to and from the ACH network and continue to
improve its risk management in accordance with the OCC guidelines.
First Tennessee has been a CheckFree PEP+ customer for more than 30
years. "CheckFree's extensive experience and comprehensive tools
will help us provide complete end-to-end check conversion
capabilities that will improve our customers' payment experience
and help us comply with regulatory requirements," said Don Jackson,
vice president and senior product manager for First Tennessee Bank.
"We can ensure timely and accurate processing of eligible back
office conversion transactions and offer our clients a broad layer
of fraud protection through our enhanced CheckFree solution." "The
bank will have the potential to generate new revenues through Back
Office Conversion, speed time to market and provide enhanced fraud
protection for its corporate customers," said Esther Pigg, vice
president of global product management for CheckFree Software. "As
one of the first customers to implement the PEP+ reACH/BOC module,
we are pleased to provide First Tennessee Bank some of the tools
necessary to stay at the forefront of the evolving banking
landscape. By leveraging PEP+ reACH and the PEP+ Risk Compliance
package, together with CheckFree's Applied Operational Intelligence
SM approach, First Tennessee Bank can seamlessly implement changes
to assist in their compliance with NACHA requirements and OCC
guidelines." CheckFree's Applied Operational Intelligence approach
helps clients drive profitability and performance through a
combination of innovative software, industry expertise and a
collaborative working relationship. This approach is built on
CheckFree's core competencies of reconciliation, exception
management, transaction process management, corporate actions
processing, payments processing, risk management and compliance.
The Applied Operational Intelligence approach is expressly designed
to manage risk and efficiency, while leveraging valuable 'business
intelligence' to achieve measurable return on investment. CheckFree
PEP+, together with its comprehensive range of add-on modules,
provides a complete solution for quickly and efficiently
originating and receiving payments through the Automated Clearing
House (ACH), potentially improving operating effectiveness and
decreasing costs. CheckFree PEP+ reACH also provides an end-to-end
Accounts Receivable Conversion (ARC) solution that converts paper
payments to electronic payments and enables them to be processed
via the ACH payment network. PEP+ reACH helps enable organizations
to implement an ARC solution with minimal organizational impact,
while gaining great value and benefit. This system is designed to
ensure the correct capture of routing information, maximum
conversion of paper check items with decisioning impact, and an
end-to-end solution built upon traditional remittance processes
that leverage existing ACH operations. About First Horizon National
Corporation (http://www.fhnc.com/) The 12,000 employees of First
Horizon National Corporation (NYSE:FHN) provide financial services
to individuals and business customers through hundreds of offices
located in more than 40 states. The corporation's three major
brands - FTN Financial, First Horizon and First Tennessee - provide
customers with a broad range of products and services including: *
Capital markets, one of the nation's top underwriters of U.S.
government agency securities. * Mortgage banking, one of the
nation's top mortgage originators and recipient of consecutive
awards for servicing excellence from Fannie Mae and Freddie Mac. *
Retail/commercial banking, with the largest market share in
Tennessee and one of the highest customer retention rates of any
bank in the country. FHN companies have been recognized as some of
the nation's best employers by AARP, Working Mother and Fortune
magazines. FHN also was named one of the nation's 100 best
corporate citizens by CRO magazine. More information can be found
at http://www.fhnc.com/. 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 the convenience of
receiving and paying household bills online, via phone or in person
through retail outlets. CheckFree Investment Services provides a
broad range of investment management solutions and outsourced
services to hundreds of financial services organizations, which
manage about $1.8 trillion in assets. CheckFree Software develops,
markets and supports payment processing solutions that are used by
financial institutions to process more than two-thirds of the 14
billion Automated Clearing House transactions in the United States,
and supports reconciliation, exception management, risk management,
transaction process management, corporate actions processing, and
compliance within thousands of organizations worldwide. 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 the Company's Annual Report on Form 10-K for
the year ended June 30, 2006 (filed September 8, 2006), Form 10-Q
for the quarter ended September 30, 2006 (filed November 8, 2006)
and Form 10-Q for the quarter ended December 31, 2006 (filed
February 8, 2007). One or more of these factors have affected, and
could in the future affect the Company'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 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, ; Investor
relations, Tina Moore, +1-678-375-1278, , both of CheckFree
Corporation Web site: http://www.checkfreecorp.com/
http://www.fhnc.com/
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