CheckFree and Wausau Offer Electronic Check Conversion Solution to Remittance Processing Customers
March 23 2004 - 9:01AM
PR Newswire (US)
CheckFree and Wausau Offer Electronic Check Conversion Solution to
Remittance Processing Customers -- CheckFree ACH Solutions and
Wausau Financial Systems providing ARC Check Conversion services
today to billers -- ATLANTA, MOSINEE, Wis., and SEATTLE, March 23
/PRNewswire-FirstCall/ -- Payments 2004 Booth 900 -- CheckFree ACH
Solutions, a business unit of CheckFree Corporation , and Wausau
Financial Systems (WFS), a leading provider of payment processing
solutions, today announced that the companies have integrated
CheckFree's accounts receivable conversion (ARC) software solution,
PEP+ reACH(TM), with WFS' ImageRPS remittance platform to provide
ARC services to WFS' billing customers. WFS has been building its
leadership position for remittance processing solutions for more
than 10 years. Over the past four years, WFS has seen customer
interest in check conversion implementations rise dramatically. In
order to meet this growing demand, WFS leveraged their experience
as the first remittancesolution vendor to implement an ARC
solution. The WFS software platform processed the first live ARC
transactions in the United States and has originated nearly 50
percent of all ARCs since its inception in March 2002. "Wausau
Financial Systems strives to anticipate the evolving payment
processing needs of our customers, and ARC is a payment technology
that is top of mind for our clients," stated Dave LeBeau, EVP of
Marketing and Product Development with WFS. "With this initiative,
many of our large billing customers have realized the benefits that
ARC provides. The relationship with CheckFree is helping us move
the market forward with a high-quality solution built on
CheckFree's advanced decision logic, optimized processing models
and full-service conversion management and exception handling. And
through future reseller and referral efforts, the stage has been
set for additional partner endeavors -- providing customers with a
true total clearing solution." CheckFree leverages more than 20
years of electronic bill payment experience with its PEP+ reACH ARC
solution. At the core of this solution is CheckFree's Financial
Institution File (FIF) for ARC eligibility and conversion
processes. For more than two decades, consumers have sent voided
checks to CheckFree as source information for generating payments
primarily to billers where the ACH was the preferred method for
remittance clearing. The ARC process flow parallels the same
general process as electronic bill payment. As a result of the
CheckFree Financial Institution File, billers can operate at the
highest levels of efficiencies for ARC conversion by maximizing the
total number of eligible items converted and minimizing the number
of returns due to administrative reasons. "Wausau Financial Systems
represents the type of industry leader that will enable CheckFree
to drive the continued adoption of ARC services for billing
organizations," said Denny Oswalt, Senior Vice President and
General Manager of CheckFree's ACH Solutions Group. "With WFS'
leadership in remittance processing, we see a unique opportunity to
provide an even greater value to those billers who are already
using ARC or are planning to implement a solution. This value is
derived from the high precision and quality that our transaction
intelligence database delivers, along with advanced collection
schedules through our hosted ARC processing model." With the
development already completed, both companies report that billers
are already in the implementation phase with the joint solution.
This integration of solutions will expedite the installation for
billers, allowing them to reap the benefits sooner. This
speed-to-market is important in light of recent changes in payment
strategies, since ARC provides a proven solution that can jump
start a company's check electronification strategy today. About
Wausau Financial Systems ( http://www.wausaufs.com/ ) Wausau
Financial Systems (WFS) is the recognized leader in the development
and implementation of knowledge-based products for the payment and
transaction processing industry. WFS provides
transaction-processing applications for all size companies ranging
from Fortune 500 corporations to independent local financial
institutions and commercial businessesworldwide. In addition to
software and hardware options, the company offers comprehensive
training, consultation, international image solutions, a unique
associate reseller channel, 24-hour customer support, consumable
supplies, and a 100% satisfaction guarantee. Currently, WFS employs
nearly 400 associates supporting over 650 customer sites worldwide.
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 pressrelease
are based on information presently available to management, and
CheckFree assumes no obligation to update any forward-looking
statements. DATASOURCE: CheckFree Corporation CONTACT: Media, Judy
DeRango Wicks, +1-678-375-1595, or , or Investor relations, Tina
Moore, +1-678-375-1278, or , both of CheckFree Corporation; or Amy
Zondlo of Wausau Financial Systems, +1-715-241-2335, or Web site:
http://www.checkfreecorp.com/ Company News On-Call:
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