CheckFree and NetDeposit Deliver Comprehensive ARC and Electronic Check Solutions for All Lockbox Processing
March 22 2004 - 9:00AM
PR Newswire (US)
CheckFree and NetDeposit Deliver Comprehensive ARC and Electronic
Check Solutions for All Lockbox Processing SEATTLE, March 22
/PRNewswire-FirstCall/ -- Payments 2004 -- CheckFree ACH Solutions,
a business unit of CheckFree Corporation , and NetDeposit, Inc. a
leading innovator of software products for end-to-end electronic
check processing and optimized clearing and settlement, today
announced they have teamed to provide corporate billers and
remittance processors with a comprehensive, electroniccheck
processing solution for accounts receivable conversion (ARC) and
truncation of all lockbox checks. CheckFree and NetDeposit's
end-to-end solution also addresses those items that remain
ineligible for conversion per ARC rules. The initiative, announced
today at the NACHA Payments 2004 conference, will leverage the
combined power of CheckFree's leading accounts receivable
conversion solution, PEP+ reACH(TM) with the NetDeposit Decision
Gateway(TM). The Decision Gateway acts as an intelligent
rules-based engine that allows organizations to determine the
optimum electronic check payment channel at the item level --
Automated Clearing House (ACH), Image Replacement Document (IRD) or
Image Exchange (IE) -- based on a number of business rules tailored
for each customer and its bank. The NetDeposit Decision Gateway
will identify and convert eligible ARC items into an ACH format,
and the payments will be sent to CheckFree for processing. For
corporate billers, remittance processors and financial institutions
that already use ARC solutions with PEP+ reACH, CheckFree can now
offer additional check truncation services for all other lockbox
paper check items that cannot be converted today. "CheckFree has
demonstrated its ability to convert the highest possible percentage
of checks to ACH through the use of its proprietary financial
institution file, which is based on transaction intelligence built
over 20 years of electronic bill payment processing," said Denny
Oswalt, senior vice president and general manager of CheckFree ACH
Solutions. "Through our affiliation, we can address the remaining
ineligible items with a solid electronification strategy through
NetDeposit's national image exchange initiatives and IRD network."
NetDeposit will integrate capabilities from CheckFree's ARC
solution, PEP+ reach(TM), to offer customers CheckFree's leading
ARC solution, alongside its other electronic payment channels,
Image Exchange and IRDs. NetDeposit's customers can leverage check
imaging to potentially truncate all checks and remove the paper
from the clearing and settlement processes. These items can be
routed through an image exchange network, or through a nationwide
IRD print network. "CheckFree shares our desire to redefine the
market during this remarkable period of change in the payments
industry," said Danne Buchanan, CEO, NetDeposit, Inc. "When you
consider CheckFree's status as the leading ACH solutions provider,
it is a natural extension to expand check conversion within
remittanceoperations. This partnership will provide substantial
value to our common customers." This combination of solutions and
choice of payment channels offers large billers and remittance
processors expedited processing and clearing of payment items,
greater cost efficiencies in remittance operations as well as
optimized funds availability and reduced transaction risk across a
single platform. About NetDeposit, Inc. Established in 2001,
NetDeposit, Inc. is a leading innovator of payment products and
services for end-to-end electronic check processing and optimized
clearing and settlement. Headquartered in Salt Lake City,
NetDeposit has teamed with industry leaders such as EDS, Western
Payment Alliance (WesPay), Wausau, Thomson Financial Services andUS
Dataworks to provide a gateway to all major check clearing channels
now, and in the future. Through its patent pending technology,
products and services, NetDeposit helps financial institutions,
commercial businesses and payment processors greatly enhance their
funds availability, reduce costs and risk and eliminate the
inefficiencies of manual check processing. Net Deposit is a wholly
owned subsidiary of Zions Bancorporation (NASDAQ:ZION). More
information on NetDeposit, Inc. can be found at
http://www.net-deposit.com/ . About CheckFree (
http://www.checkfreecorp.com/ ) CheckFree (NASDAQ:CKFR) is the
leading 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 December 31, 2003, more than 12 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 18.5 million e-bills each quarter. CheckFree
Investment Services provides a broad range of investment management
services to thousands of financial institutions nationwide. The
division's clients manage more than 1.4 million portfolios totaling
more than $700 billion in assets. 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), and Quarterly Report on Form 10-Q for the
quarter ended September 30, 2003 (filed November 13, 2003) and Form
10-Q for the quarter ended December 31, 2003 (filed February 12,
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 , both of
CheckFreeCorporation; or Dianne Douglas of NetDeposit, Inc.,
+1-415-584-4906, or Web site: http://www.checkfreecorp.com/
http://www.net-deposit.com/ Company News On-Call:
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