CKFR Checkfree Corp (MM)

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: http://www.prnewswire.com/comp/821650.html

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