U.S. Central Turns to CheckFree to Deliver Enhanced ACH Capabilities
09 May 2006 - 12:00AM
PR Newswire (US)
Leading U.S. ACH Receiving Institution Becomes New PEP+(R) Platinum
Customer ATLANTA and SAN DIEGO, May 8 /PRNewswire-FirstCall/ --
Payments 2006, Booth # 610 -- CheckFree Corporation (NASDAQ:CKFR)
has been selected by U.S. Central, the only wholesale corporate
credit union in the United States, to implement the CheckFree
PEP+(R) Platinum solution. The strategic software and services
deployment will enable the industry to continue to grow and
aggregate Automated Clearing House (ACH) volumes and deliver
enhanced services to its corporate user base. With this deployment,
eight of the nation's 10 largest ACH receiving institutions will be
processing ACH transactions via CheckFree's technology. Recognized
as the de facto industry standard, CheckFree PEP+ Platinum delivers
an easily integrated, online, real-time ACH system that enables
origination and receipt of electronic payments. The system replaces
inefficient, manual processes, while automating edits and providing
secure online access to the ACH network. CheckFree PEP+ offers
superior functionality, increasing efficiency at virtually every
step in ACH processing, resulting in greater ability to manage
complexity and customer service. Leveraging the CheckFree solution,
U.S. Central will improve its competitive capabilities through a
true service bureau service offering, allowing its corporate credit
union members wider access to features and functionality critical
in their marketplaces. U.S. Central will achieve greater
operational efficiency of its existing ACH processing, as well as
set the stage for growing ACH origination services. U.S. Central
will link its existing self-service web access tool to CheckFree's
PEP+ software to increase efficiency and leverage the PEP+
software's exceptional capacity for ever-increasing transaction
volumes. In addition to providing consultancy for the initial
implementation, CheckFree's experienced ACH professional services
team will provide the organization with an ongoing outsourced
technology support service. Marcie Haitema, executive vice
president of correspondent services at U.S. Central, said,
"CheckFree is the leader in ACH technology, making it the logical
choice when U.S. Central evaluated the options for upgrading our
ACH technology. As a high-volume ACH receiver with growing demands
on our infrastructure, we needed an adaptable solution that could
grow with our business. CheckFree is delivering a scalable,
flexible technology and supporting it with a world-class team of
ACH professionals." Esther Pigg, vice president of global product
management at CheckFree, said, "CheckFree is delighted to welcome
U.S. Central as a valued new client. Backed by the value of our
experience in processing more than two-thirds of the nation's ACH
transactions, we are confident that CheckFree PEP+ Platinum will
meet the high-volume needs of this leading ACH receiver. Our
technology offers peace of mind to ACH providers, enabling
organizations to concentrate on providing a superior services
experience for their customers." About U.S. Central (
http://www.uscentral.coop/ ) U.S. Central is the wholesale
financial center for the nation's corporate credit unions. Founded
in 1974, U.S. Central is owned and directed by its member corporate
credit unions, in the tradition of the cooperative credit union
spirit. As the "credit union for corporate credit unions," U.S.
Central exists solely to assist them in serving the 8,880 credit
unions across the country. Currently, U.S. Central's assets total
approximately $45.1 billion. U.S. Central provides members with
extensive investment, liquidity, and cash-management products and
services; risk-management and analytic capabilities; settlement,
funds transfer and payment services; and safekeeping and custody
services. 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 their
customers the convenience of receiving and paying their household
bills online or in person through retail outlets. CheckFree
Investment Services provides a broad range of investment management
solutions and outsourced services to thousands of financial
services organizations, which manage about $1.3 trillion in assets.
CheckFree Software develops markets and supports software
applications that are used by financial institutions to process
more than two-thirds of the 12 billion Automated Clearing House
transactions in the United States. The division also provides
operational risk management, financial messaging, corporate
actions, and regulatory compliance software to more than 1,500
organizations across the globe. 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, 2005 (filed
September 2, 2005), Form 10-Q for the quarter ended September 30,
2005 (filed November 8, 2005), and Form 10-Q for the quarter ended
December 31, 2005 (filed February 8, 2006). 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: Judy DeRango Wicks,
+1-678-375-1595, or , or Investors, Tina Moore, +1-678-375-1278, or
, both of CheckFree Corporation Web site:
http://www.checkfreecorp.com/ http://www.uscentral.coop/
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