CKFR Checkfree Corp (MM)

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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