| | Press Releases |  View printer-friendly version | | << Back | | CheckFree Improves Check Image Processing Efficiency by Combining Check Capture and ACH Processing Capabilities | New Workflow Solution Automates Check and ACH Return Handling
ATLANTA, July 23 /PRNewswire-FirstCall/ -- CheckFree Corporation
(Nasdaq: CKFR) today announced it has integrated Source Capture Suite/Web
Capture, provided by its Carreker subsidiary, with its CheckFree(R) PEP+
reACH(TM) check conversion and automated clearinghouse (ACH) payments
solution. Financial institutions will now have a single vendor solution to
process transactions from the point of check capture through check
conversion and routing, while also being able to report the status of both
check and ACH return items.
The Source Capture Suite is designed to identify items eligible for
Back Office Conversion (BOC) and Accounts Receivable Conversion (ARC)
during the check capture process by leveraging CheckFree PEP+ reACH. The
solution is designed to identify ARC and BOC checks eligible for conversion
across a wide variety of sources, including retail lockbox, remote deposit,
bank branch capture and check returns processing. The designed result is
smoother, more efficient processing of paper checks that move through a
series of electronic payment processes.
To complement the integrated solution set, CheckFree is also
introducing its new CheckFree PEP+ reACH Returns Workflow Manager. As
opportunities for check imaging and ACH conversion increase, this new
returns workflow tool will help banks:
Streamline administrative returns handling by integrating ACH
return data with the check image, thereby providing more efficient
return handling through a single web interface;
Expedite customer service by allowing administrative returns to be
quickly viewed, researched, corrected and resubmitted through the
ACH system;
Provide a centralized back office solution for performing
administrative return handling across multiple check conversion
applications.
CheckFree acquired Carreker Corporation on April 2. The integration of
the two products and the addition of the new returns workflow manager tool
is the first combination of the companies' solutions that address payments
convergence. The solutions combine CheckFree's 25 years of experience in
ACH processing with Carreker's Source Capture Suite.
"Integrating CheckFree and Carreker solutions and adding the new
CheckFree PEP+ reACH Returns Workflow Manager is designed to provide banks
with optimized and streamlined payment processing for check capture and
conversion." said Bert Harkins, vice president, global strategic marketing,
for CheckFree Software. "Providing our customers with more robust
functionality demonstrates CheckFree's vision of a pragmatic approach to
payments convergence that can yield significant value to banks and their
customers."
The Web Capture/CheckFree PEP+reACH solution is designed to enable
banks to offer their customers:
The ability to deposit funds by ACH cutoff times, assuring next day
availability of funds and easier reconciliation;
Lower clearing costs;
Increased funds availability by eliminating desk and mail float;
A longer window of time to make deposits;
The ability to clear all items electronically, even if the item is
not eligible for ACH processing;
Consolidated deposits are consolidated, allowing customers to view
how each item and amount was processed.
CheckFree PEP+ reACH Returns Workflow Manager includes a web interface
designed to automatically request data and images and assign work to the
appropriate operators, thus improving staff efficiency and expediting
administrative returns handling. The solution is fully integrated with PEP+
return processing features, so the PEP+ database of returns activity allows
banks to create check return documents for transactions that cannot be re-
deposited as ACH items.
About CheckFree (http://www.checkfree.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 (paragraph 1). Forward-looking
statements involve risks and uncertainties, including without limitation,
the various risks inherent in the Company's business, its ability to
successfully integrate acquired companies 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), Form 10-Q for the quarter ended December 31, 2006 (filed February 8,
2007) and Form 10-Q for the quarter ended March 31, 2007 (filed May 10,
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.
SOURCE CheckFree Corporation
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| "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Fiserv, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year. |
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