CheckFree Corporation
 

Press Releases

Recent Acquisitions

Financial Reports

SEC Filings

 

Press Releases
Printer Friendly Version View printer-friendly version
<< Back
Commerce Bank Selects CheckFree's ARP/SMS to Enhance Account Reconciliation and Positive Pay Services

Best-In-Class Solution Will Create Additional Product Offerings, Target New Customers and Leverage Existing Technology for Customer-Driven, High-Growth Company

ATLANTA, and CHICAGO, April 16, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Payments 2007, Booth #321 -- CheckFree Corporation (Nasdaq: CKFR) today announced that Commerce Bank has selected the CheckFree Account Reconciliation Package/Service Management System(TM) (ARP/SMS(TM)).

In addition, Commerce Bank has upgraded to the CheckFree(R) PEP+(R) Risk Compliance Package. CheckFree's PEP+, together with its comprehensive suite of add-on modules, provides a complete solution for quickly and efficiently originating and receiving payments through the Automated Clearinghouse (ACH). By leveraging PEP+, Commerce has the potential to improve operating effectiveness and risk management while decreasing costs to serve its customers.

The Commerce Cash Management team at Commerce Bank, based in Cherry Hill, N.J., provides account reconciliation and positive pay services to numerous large commercial and institutional customers, and has been a CheckFree customer since 2001. Using a business model that provides superior levels of customer service and convenience, Commerce has become one of the fastest- growing companies in the financial services industry. The CheckFree solutions will help Commerce manage its growth and reinvest in the customer experience.

"CheckFree's solution will provide us with the functionality to provide incremental value to our customers and give prospective customers additional reasons to choose Commerce," said Tom Gregory, senior vice president, Cash Management, at Commerce. "CheckFree has demonstrated an ability to support the exponential business growth at Commerce, to keep ahead of the curve relative to risk management and to enhance our ability to serve customers."

By implementing CheckFree ARP/SMS, Commerce Bank is expected to benefit from a fully integrated, online, real-time positive pay and reconciliation system that provides the flexibility to deliver extensive and automated positive pay reporting on a variety of accounts. CheckFree ARP/SMS offers the extended functionality required to support all Commerce Bank services including real time positive pay, full reconcilement and robust client reporting.

"We understand that our overall effectiveness is measured by the success of our clients," said Esther Pigg, vice president, global product management for CheckFree Software. "By implementing the CheckFree ARP/SMS and PEP+ Risk Compliance packages in conjunction with CheckFree's Applied Operational Intelligence(SM) approach, Commerce Bank expects to deliver best-in-class account reconciliation and positive pay services while anticipating a reduction in fraud losses and maintaining its competitive edge in the market."

Additional CheckFree ARP/SMS(TM) modules selected by Commerce Bank include:

    -- CheckFree Payee Verification(TM), which is designed to help provide
       additional fraud protection and positive pay services, as well as the
       ability to specifically reconcile and match the payee name.
    -- CheckFree Teller Positive Pay(TM), which enables tellers to submit a
       real-time inquiry and receive the payment recommendation immediately
       based upon the issue information on file in the CheckFree ARP/SMS
       system.
    -- CheckFree e-Check Bridge(R) to assist the bank to pass electronic,
       converted check data from CheckFree's PEP+(R) into CheckFree
       ARP/SMS(TM) to ensure that converted transactions pass the required
       positive pay edits and provides an accurate reconcilement.

CheckFree's Applied Operational Intelligence approach helps clients drive profitability and performance through a combination of innovative software, industry expertise and collaborative partnership. 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.

CheckFree's PEP+ Risk Compliance Package includes the OFAC Monitor, SEC Monitor, Debit Return Monitor and Prefunding modules.

About Commerce Bank (http://www.commerceonline.com)

Commerce Bank, "America's Most Convenient Bank," is a leading retailer of financial services with 400+ convenient stores in New Jersey, New York, Connecticut, Pennsylvania, Delaware, Washington, D.C., Virginia, Maryland and Florida. Headquartered in Cherry Hill, N.J., Commerce Bancorp (NYSE: CBH) has $45.3 billion in assets and in fiscal year 2006 achieved an 18% increase in core deposits, a 23% increase in net loans and total asset growth of 18%. For more information about Commerce, please visit the company's interactive financial resource center at commerceonline.com, or call 888-751-9000.

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 $1.7 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.

SOURCE
CheckFree Corporation

Investor relations:
Tina Moore, +1-678-375-1278, tmoore@checkfree.com, or Media relations: Judy DeRango Wicks, +1-678-375-1595, jdwicks@checkfree.com, both of CheckFree Corporation

"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.